Health Insurance Policy For COVID-19
The unprecedented crisis caused by the Covid-19 virus has almost completely extinguished a way of life. Millions are dying by the day while countries are bursting at the seams trying to control the virus. People who can afford some modicum of insurance are rushing to get their hands on the best health insurance plan. People are buying health cover left and right, but how many are useful in the current climate?
The best health insurance plan offers many benefits, but does it cover Covid-19 related charges? The answer would be: no, they don’t.
You see, the virus is a recent mutation of the coronavirus which came into light late last year, in 2019. Prior to 2019, insurance providers did not include the deadly viral infection in their policies because it didn’t exist. Since the infection is a new entry, insurance companies are only now introducing the Covid-19 coverage into some of their policies.
However, with the introduction of policy changes and alterations, insurance providers are offering certain plans. These plans are for people who want to get insured against the virus.
So what does the health insurance policy for Covid-19 refer to? What benefits do you get under such policies?
What Does Health Insurance Policy For Covid-19 Mean?
At a time when the economy is going through steep depression, healthcare has become extremely costly. In fact, if you do not possess health insurance, you might end up paying much more than you can afford.
Buying the best health insurance policy that suits your requirements might seem redundant or a waste of time or resources. However, in the long run, you end up saving money. Otherwise, you will be compelled to pay full costs of medical care all out of your pocket. This can set you back by quite a lot of money.
Insurance companies are expanding their offers for Covid-19 assistance. What does that entail? Essentially, this means that insurers are formulating the best health insurance policy for you that offers coverage for Covid-19. If you or someone under the plan contracts the virus, you will be entitled to some form of compensation to pay medical bills.
You will need to speak to your insurance provider about the benefits that you will receive under the Covid-19 health cover.
What Comes Under Covid-19 Claims?
The policy adjustments that insurance companies are making for insurance with Covid-19 cover make you eligible for particular benefits. The financial aid that you get differs from plan to plan and depends on the insurance company you choose.
Coronavirus health insurance is different from other specific coverages like diabetic care health insurance, insurance with hypertension cover, etc. As mentioned, coronavirus health insurance offers financial benefits specializing in medical care focused on the disease.
Insurance with Covid-19 cover offers to cover costs for consumable expenses like PPE kits, masks, gloves, ventilators, etc. You also get coverage for add-ons and cashless treatment. If your doctor approves it, you will be eligible for home treatment covered with no further costs. Some insurance companies, if not all, offer copayment solutions. You should talk to your insurance provider to know what exactly you are qualified for in your insurance policy.
We shall examine some of the health insurance policies offered by various insurance companies.
Health Insurance Policies for Covid-19 Available In The Market
Insurance providers are curating health cover that you can purchase to protect yourself financially from the costs of Covid-19. Here are two insurance policies that are providing coronavirus health insurance.
1. Corona Kvach
The Corona Kvach offers quite a few benefits like:
· A cashless option
· 15 days of pre-hospitalization costs
· 30 days of post-hospitalization care
· An allotted Rs.2000 under ambulance costs every hospital trip
· Financial aid for co-morbid treatments
The plan offers compensation cover for an assured sum between Rs. 50,000 to Rs. 5,00,000. You need to pay a one-time premium coverage to access this policy which has a 15-day waiting period for processing.
Another added advantage is that the policy operates for both individuals as well as on a family floater health plan. The policy takes into consideration that the virus spreads very easily. Therefore, the plan operates on a family floater health plan since families can contract the disease very easily. The first family member gets a 10% discount and the second member gets 20%. The third member gets a 30% discount and there is a 40% for every family member onwards.
2. Covid Rakshak
Covid Raksha is another insurance with Covid-19 cover that you can purchase for yourself and your family. You receive monetary assistance if you receive a positive diagnosis with Covid-19.
You need to be hospitalized for 72 hours in a hospital that matches the rules ascribed by the policy details. After meeting the prerequisites, the Covid Rakshak policy offers a lump sum to the policyholder. You receive aid for:
· Intensive Care Unit expenditures
· Ambulance charges
· Coverage for home treatment
· Pre and post-hospitalization charges
Again, the processing period for Covid Rakshk insurance takes fifteen days to kick in. If you happen to contract Covid-19 before the processing period, you will not be eligible for the health cover.
Should You Opt To Get Covid-19 Insurance?
After all said and done, the question that arises is – should you get coronavirus health insurance? If you have health cover, whether for yourself or a family floater health plan, you will be covered for Covid-19. Since Covid-19 is a new introduction, health insurance offers coverage.
However, that is not to say you should not purchase insurance with Covid-19 cover. If you are covered by a group medical insurance policy at work, you ought to get insurance for yourself. In these turbulent times, job security is not something you can afford to take for granted.
Coronavirus health insurance ensures that you are financially taken care of in all aspects where Covid-19 is concerned. If your comprehensive care health insurance is unable to pay for some of the portions, Coronavirus health insurance has your back.