Deep-dive into Covid-19 Insurance Plans and Claim Process
The Covid-19 pandemic has created a panic in our lives. It has not only brought many businesses to a grinding halt but it is also having a far-reaching impact on the Indian economy. Even though the entire country is in lockdown, citizens in India are still worried about catching the infection of Coronavirus even when they are indoors.
There are so many people online about the symptoms and cure of the virus. They are also looking out for treating cost for Coronavirus and whether their existing health insurance plan covers Coronavirus. Recently, the Government of India announced that they would provide Rs. 50 Lakh health insurance per health worker for three months due to Covid-19. Health workers are doctors, nurses, sanitation staff, ASHA workers, and more. This is a great step by the Government of India, especially in these extraordinary times.
It is always better to be safe than sorry. Even if you are an ardent follower of social distancing and taking all the precautionary measures, it is still important to know about the symptoms, causes, and treatment of Coronavirus. What if you or your loved ones unfortunately still get infected due to Coronavirus? You don’t only get mentally stressed but also start thinking about the hospitalization costs, coverage during the quarantine period, etc.
The good news is that IRDAI (Insurance Regulatory and Development Authority) has requested all the insurance companies in India to cover the costs related to Covid-19 treatment in their existing policies. They have also informed the insurance companies to expedite the Health Insurance claims process (Source). If you are thinking that you are the only one who is thinking about the treatment and claim process for Coronavirus than it is definitely not true. The trending searches on the health insurance for Coronavirus, health insurance Coronavirus, health insurance claims for Coronavirus, Covid-19 health insurance, and more.
Though IRDAI has already instructed the insurance companies about settling claims related to Coronavirus with immediate effect as per the existing policy offer, it is still important to know about the inclusions and exclusions in the health insurance policy. The major reason for taking this step is that Coronavirus needs to be treated like any other illness ‘under products where hospitalization is covered’.
Though every insurance company will have its own set of inclusions and exclusions, there are certain things in common:
- In-hospitalization and quarantine charges are covered as a part of the existing insurance policy. This also includes bed charges. It is important to mention that expenses with regards to home quarantine are not included.
- Post hospitalization expenses including charges for treatment, follow-on checkups, etc. will be covered.
- Charges incurred on daycare facilities will also be covered.
- All the medical expenses related to Coronavirus tests will be covered in the existing insurance policy
Royal Sundaram General Insurance also has insurance plans that cover Coronavirus. The diagnostic expenses followed by in-patient hospitalization treatment will be paid as a part of the normal in-patient hospitalization expenses. You should take a detailed look at the policy details so that you don’t miss out on the Health Insurance claims for Coronavirus.
It is also important to note that negative cases or suspected cases for Covid-19 will not be covered as part of the existing health insurance policy. Any health insurer can reject the claim for Coronavirus if the patient is treated as an out-patient.
Royal Sundaram General Insurance has a range of health insurance plans that can cover the health insurance needs for you and your family. The health insurance premium calculator is a perfect tool that can guide you about the additional insurance premium that has to be paid for taking up members’ inclusions, and other factors.
As far as the Covid-19 pandemic is concerned, we can only wish that pandemic ends at the earliest. Stay indoors and Stay Safe!