It’s been years that the world is fighting the deadly novel Coronavirus (COVID-19). According to the reports of the World Health Organisation (WHO), more than 860k lives have been claimed by this virus and around 26 million people have been infected (as of 02 September 2020). This has led to the shut down of schools, colleges, businesses, cinema halls, and even places of worship across India.
Till 2 September 2020 India has reported 3,794,314 cases and 66,678 deaths due to Coronavirus (COVID-19). This number is of great concern for a population as dense as ours. Though our recovered cases have long past the number of active cases, the cases are increasing every day at a rapid rate. This calls for special arrangements to be made to cover the hospitalization and other medical expenses. For relieving the patients and their families from financial trauma, corona health insurance plans have been launched.
What is Coronavirus Health Insurance?
Coronavirus Health Insurance is an insurance policy that has been tailored to specifically cover all the medical expenses incurred in the treatment of COVID-19. Such schemes also cover the hospitalization expenses of customers, irrespective of the diagnosed disease unless it is an uncovered critical illness.
Coronavirus Health Insurance provides comprehensive coverage of pre & post-hospitalization expenses including in-patient and out-patient expenses incurred on the treatment of COVID 19 infected patients.
Health cover is available to the insured policyholder from the day he/she gets diagnosed with the said disease. This is because Corona Virus does not come under the category of pre-existing illness as it is a new disease.
Types of Coronavirus Health Insurance in India
If you are looking for a plan which provides you and your family cover against the novel Coronavirus (COVID-19) you may consider the standard health insurance policy that covers all medical expenses incurred during the treatment of the coronavirus. Following the guidelines issued by IRDA, two standard products have been recently launched. The policy terms are the same across India for all the health and general insurance companies. Both COVID-19 health insurance plans offer different policy benefits.
1. Corona Kavach Policy: COVID-19 Insurance Policy
Corona Kavach Policy is one of the standard coronavirus health insurance policies that provide coverage for hospitalization expenses, ICU charges, ambulance charges, home care treatment costs, cost of PPE kits, medicines, gloves, masks, and doctor fees incurred for the treatment of COVID-19 pandemic. The range of sum insured starts from Rs 50,000 and goes up to Rs 5 Lakh. This plan can also get family your family covered that also pays for Ayush treatment within India.
2. Corona Rakshak Policy: COVID-19 Insurance Plan
Corona Rakshak Policy is the second standardized health insurance policy that pays for hospitalization of a minimum of 72 hours or more, as may be required for the treatment of COVID-19 within India. It is available to individuals between the age group of 18-65 years on an individual sum insured basis and covers the expenses made for Ayush treatment, PPE nebulizer, mask, oxygen cylinders, gloves, oximeters, etc. It ensures coverage of Rs 2.5 lakh to Rs 5 Lakh.
Inclusions of Coronavirus Health Insurance
Coronavirus Health Insurance plans include various expenses incurred towards the medical treatment of Covid-19 patients.
Exclusions in Coronavirus Health Insurance
Although Coronavirus Health Insurance schemes cover the majority of costs, some specific charges may not be included. We have mentioned some of them below-
• Home Quarantine – The policy does not provide coverage for expenses that are incurred by a policyholder while staying in quarantine at your home.
• Non-recognized Quarantine Centre – The policy only provides covers for the sums incurred at a recognized center for coronavirus treatment. If the policyholder is quarantined at a non-recognized center, the medical expenses incurred will not be covered.
• Pre-Existing Diseases – Health policies normally have a waiting period, before which any medical expenses incurred on the treatment of any pre-existing diseases will not be covered.
• Pre-Natal & Post-Natal Expenses – Any pre-natal or post-natal expenses incurred by the policyholder are not covered unless it leads to his hospitalization.
• Hospitalization without Doctor’s Recommendation – This policy does not cover any expenses for hospitalization without the prescribed recommendation of a qualified doctor.
How to Claim Health Insurance for Coronavirus (COVID-19)?
The claim filing process for Coronavirus Health Insurance schemes is similar to the claim filing process of other health policies. You can either file a cashless claim or a reimbursement claim. We have mentioned some of the important points for both.
a. Cashless Claims
Leading health insurance companies offer cashless claims. Most health insurance companies have tie-ups with various hospital chains. As part of this service, the policyholders can enjoy cashless treatment facilities in such hospitals. They are not required to make any payment to the hospital and the treatment costs are directly settled between the hospital and insurance company.
So if you are receiving medical treatment for Novel Coronavirus from the network hospital of your insurance provider you will not be required to pay any cash to the hospital. You can check the list of network hospitals mentioned in the policy wordings or at the official website of your insurance provider.
b. Reimbursement Claims
To file the claim reimbursement, you are required to fill up the reimbursement claim form and submit the required documents. Such documents may include your test reports, hospital bills, doctor’s prescription, etc.
After the submission of reimbursement claim form and required documents, the insurance company will verify your claim and the reimbursed amount will be transferred to the policy holder’s registered account.