Everything you need to know about COVID.
Updated On Apr 21, 2022
Medical insurance, often known as health insurance, is a contract in which an insurance company commits to reimburse the insured for medical and surgical expenditures incurred during the policy's term. Medical expenditures may be incurred if the insured becomes ill or is involved in an accident that requires hospitalization. To be eligible for coverage benefits under the policy, the policyholder must pay a set amount of money regularly, known as a premium. A health insurance premium is set by an insurance company, and policyholders must pay it on a monthly, quarterly, half-yearly, or yearly basis without failing to keep their renewal benefits.
COVID: Everything you Need To Know
The Covid 19 instances that have been reported throughout the world are a serious cause for concern, especially if you travel out a lot. The virus is very infectious, and treatment is typically prohibitively expensive. In times like these, having trustworthy health insurance coverage is a must. Here are seven facts concerning Coronavirus health insurance that you should be aware of. :
Insurance Coverage
The Covid 19 Pandemic has wreaked havoc on many people's lives. Most insurance firms have added a covid -19 cover in their existing health insurance policies because of the numerous expenditures that come with it. Before contemplating purchasing separate coverage for covid-19, make sure your current health insurance plan covers it.
Optional Plans
If your current health insurance plan does not include coverage for covid-19, you should consider purchasing one independently. Given the virus's extremely infectious nature, it's critical to do so, especially if you or anybody in your family leaves the house frequently. Corona Kavach and Corona Rakshak are the two types of coronavirus insurance now available in India.
Corona Kavach: This is a low-cost indemnity-based health insurance policy that covers both individuals and families. This policy can cover you, your spouse, any dependent children, and your parents for a duration ranging from 3.5 to 9.5 months.
Corona Rakshak: Unlike Corona Kavach, Corona Rakshak is a benefit-based plan that pays a policyholder the sum insured amount in a lump payment if they are diagnosed with Covid 19.
Waiting Time
There is a waiting time for all health insurance plans, including Covid-19 specific health insurance coverage. The waiting period refers to the time between when you buy the insurance and when you may use its benefits. The waiting time for most covid19 specific policies is 15 days. This implies you'll have to wait 15 days after purchasing the insurance before using them. As a result, it is preferable to obtain coverage in advance rather than waiting until symptoms appear.
Hospitalization Without Spending Any Money
All health insurance policies, including Covid 19 health insurance plans, have two sorts of claims that can be filed: Reimbursement claims and cashless claims If you receive treatment at an insurance company's network hospital, you can file a cashless claim, and the company will pay the hospital directly, resulting in cashless hospitalization because you won't have to spend anything out of pocket at the hospital. If you're treated in a non-network hospital, you'll have to pay for your charges, which the insurance company will reimburse you for when the right paperwork is done.
Treatment At Home
The Pandemic has resulted in a severe scarcity of treatment facilities. Hospital beds are scarce due to the large number of persons who need to be admitted. Several health insurance companies have incorporated coverage for those who are treated in the privacy of their own homes, keeping this in mind. Doctor's visits and any medical equipment needed at home for the treatment of people infected with Covid 19 would be covered.
Inclusions
Corona Kavach health insurance coverage would cover the following items:
- The costs of personal protective equipment (PPE), oxygen, ventilators, and consulting fees will all be paid.
- Expenses for Home Care
- Expenses incurred before and the following hospitalization
- Treatment with AYUSH
- Charges for ambulances
Exclusions
Corona Kavach health insurance coverage would cover the following items:
- Expenses for purchasing drugs without a doctor's prescription
- Treatments that have yet to be demonstrated
- Treatments in daycare
- Expenses for diagnosis
Take Away
COVID-19 insurance is a specialized health insurance policy that covers costs associated with COVID-19 therapy. Apart from that, COVID-19-related hospitalization is now covered by existing health insurance policies. Many people have been affected by the announced pandemic coronavirus (COVID-19). Covid 19 instances are on the rise in India, which is a matter of concern. Treatment costs a lot of money, so it's important to pay attention to the following aspects of Covid 19.
