Corona Virus Health Insurance

The outbreak of the novel Coronavirus (COVID-19) has been within the news for 2 years now. in step with the most recent figures, currently, the full confirmed COVID cases across the world are 41,34,80,802 and 58,26,378 lives are got rid of to date (as of February 15, 2022). While multiple variants of Coronavirus have surfaced, the new omicron variant has been identified because the ‘variant of concern’ by the planet World Health Organization (WHO).

Corona Virus Cases in India and World

Currently in India, as of February 15, 2022, there are 4,23,127 active cases of Coronavirus (COVID-19) while the full cases tally is 4,26,92,943. it’s a matter of great concern for our vastly populated nation. However, about 4,17,60,458 coronavirus patients are discharged and cured within the country. the overall number of vaccine doses administered within the country till date are 1,73,42,62,440.

Now it’s again spreading widely in India because the highly infectious omicron variant has made its thanks to our country, like Europe and therefore the USA. As of February 15, 2022, quite 10,050 cases of the new omicron COVID variant are detected in India. Therefore, it’s important to be prepared for any unfavourable circumstance prior to. But if you have got a Corona Virus health insurance policy, the question is that if the novel Coronavirus disease falls under the ambit of medical sum in India or not?

What’s Corona Virus?

Novel Coronavirus (COVID-19) may be a group of viruses that attacks the immunity of a personality’s being causing diseases starting from the respiratory disease to Severe Acute Respiratory Syndrome or SARS. In late December 2019, a brand new strain of coronavirus originated in China, which was unknown to humans before. It came to be called the novel Coronavirus disease or COVID-19. Several variants of COVID-19 are detected ever since, including the delta variant and omicron variant. The coronavirus disease causes infection within the nose, upper throat and sinuses. In severe cases, the virus can result in major respiratory illnesses like pneumonia, renal disorder also as multiple organ failure. Therefore, the 2019-nCoV or the novel coronavirus disease has been fatal largely for people above the age of 60 years and people who had pre-medical conditions. The symptoms of Coronavirus infection are like those of standard flu that features raw throat, fever, dry cough, runny nose and sometimes a headache. Moreover, the new variant of COVID 19, named omicron, adds extreme tiredness and starchy throat to the long list of symptoms. Despite being a brand new strain of the coronavirus, several COVID-19 vaccines are developed across the world, out of which Covishield, Covaxin and Sputnik V is obtainable in India.

What’s Corona Virus Health Insurance?

Coronavirus insurance refers to an contract that covers the medical expenses incurred on the treatment of COVID-19. A coronavirus insurance policy is meant to hide the hospitalization expenses of the policyholder, regardless of the disease that he has been diagnosed with (unless it’s a critical illness that’s not covered). most the Health insurance plans cover hospitalization expenses incurred on the treatment of viral infections. Since Coronavirus could be a virus infection, a comprehensive insurance policy pays off pre & post hospitalization expenses including in-patient and out-patient expenses, incurred on the treatment of COVID-19 and its variants, including omicron. Health insurance for coronavirus cover are going to be available from the day the insured gets diagnosed with the disease. this can be because COVID-19 could be a new disease and so, doesn’t come under the category of pre-existing illness.

Key Benefits of Corona Virus (COVID-19) Insurance Policy Plan

Some of the most important benefits of Coronavirus insurance are listed below:

1. Coronavirus Treatment

2. Covered with zero additional cost

3. Home Treatment

4. Covered if suggested by a doctor

5. Consumable Expenses

6. Cost of PPE kits, ventilators, masks, gloves,

7. Co-payment

8. Age based Co-pay isn’t there in most of the plans

9. Cashless Treatment Available

10. Add-on Covers

Styles of Corona Virus Insurance Policy Plan in India

If you’re trying to find a selected insurance protect coronavirus (COVID-19) then you’ll be able to consider standard insurance policy that cover all medical expenses incurred during the treatment of COVID-19. These are two standard products that are recently launched as per the IRDAI guidelines. and also the policy terms remain the identical across all the health and general insurance companies in India. Checkout out both COVID-19 insurance plans types together with the policy benefits:

1. Corona Kavach Policy: COVID-19 Policy

Corona Kavach Policy could be a standard coronavirus insurance policy that covers hospitalization expenses, home care treatment cost, ambulance charges, cost of PPE kits, medicines, gloves, masks, doctor fees, ICU charges incurred during the treatment of COVID-19 pandemic. The assured sum amount begins from Rs 50,000 and goes high up to Rs 5 Lakh. you’ll be able to get your family covered under this plan that also pays for Ayush treatment in India.

2. Corona Rakshak Policy: COVID-19 Insurance Plan

Corona Rakshak Policy is additionally a COVID-19 specific insurance policy that pays for hospitalization of a minimum of 72 hours and more pro re nata for COVID-19 treatment in India. The policy provides coverage for all the expenses which are incurred because of the PPE’s, nebulizers, masks, oxygen cylinders, gloves, oximeters, AYUSH treatment, and more materials like these. That are limited under a daily medical contract. This COVID-19 policy is out there to individuals between the age bracket of 18-65 years on a private sum insured basis that ranges from Rs 2.5 lakh to Rs 5 Lakh. Applicants with co-morbidity may also get insured paying a further premium.

3. Coronavirus Group Insurance Policy Plan

If you’re covered under a gaggle insurance policy, then you wish to test together with your insurer if it covers coronavirus treatment expenses. However, if your group insurance policy is either Corona Rakshak or corona Kavach then you’re surely covered for the COVID-19 hospitalization in India.

Insurance Policy Plan for Corona Virus (COVID-19) in India

Since the outbreak of coronavirus, many insurers are offering Covid-19 insurance cover in their base plans. they’re also providing specific Covid-19 Insurance Plans, Corona Kavach and Corona Rakshak are two such indemnity and benefit based plans that are popular people in India. All the hospitalization expenses, Ayush treatment expenses, and residential treatment expenses are covered together with the value of consumable items in these two mediclaim policies for corona virus.

Is Corona Virus Disease and Treatment Covered Under the Pre Existing Insurance Policy Plan?

Corona virus disease or COVID-19 could also be a newly discovered disease but all existing insurance policies will provide coronavirus insurance cover. this suggests that if you bought a insurance policy before testing positive for the coronavirus disease, any medical expenses incurred on its treatment are going to be covered under that (provided you don’t get diagnosed during the initial waiting period). you’ll be able to avail coverage for coronavirus under your existing insurance policy no matter the variants i.e. omicron or delta variant.Since the coronavirus isn’t a pre-existing ailment, it’ll be covered as a part of the essential hospitalization expenses under a insurance plan that features in-patient hospitalization expenses, ICU charges and assay charges amongst others.However, if you don’t have already got a insurance policy and judge to shop for one after testing positive for COVID-19, then coronavirus treatment expenses won’t be covered under the policy.

Corona Virus Insurance Policy Plan Inclusions

The following list has all the included inclusions under coronavirus health insurance policy plan:

1. In-patient Hospitalization Expenses

2. Pre-Hospitalization Expenses

3. Critical Illness Hospitalization

4. Accidental Hospitalization

5. Daycare Expenses

6. Road Ambulance Expenses

7. ICU room rent

8. Organ Donor Expenses

9. Home Hospitalization

10. Post-hospitalization Expenses

Corona Virus Insurance Policy Plan Exclusions

Not all medical expenses are covered under your coronavirus (COVID-19) insurance policy. Take a glance at the list of exclusions under your coronavirus insurance:

1. Home Quarantine – This policy doesn’t cover any expenses that you just incur while staying in quarantine at your home.

2. Non-recognized Quarantine Centre – If you quarantine at a non-recognized centre for coronavirus treatment, the medical expenses incurred won’t be covered under your policy.

3. Pre-Existing Diseases – Any medical expenses incurred on the treatment of any pre-existing diseases won’t be covered under this policy unless the waiting period gets over.

4. Pre-Natal & Post-Natal Expenses – This policy won’t cover any pre-natal or post-natal expenses incurred by the insured unless it results in his hospitalization.

Cashless Claim

The policy plan have the facility of cashless claim settlement only at the network hospitals. The policy owner is required to show a valid photo identification document which can either be: Voter ID card, Driving License, Passport, PAN Card or any other identity proof that is approved by the insurance company prior.

Reimbursement Claim

In case of a planned hospitalisation, an individual is required to initiate the claim settlement process at least 48 hours before hand. The insurance company should be made aware about the admission in the hospital within 24 hours. All the necessary documents and information should be shared with the insurance company within the time span of 15 days of the discharge of the policy owner.

FAQs About COVID 19 Insurance Policy Plan in India

Q1: Does my existing insurance policy cover Corona Virus disease?

Ans: Yes. existing insurance policies will cover treatment expenses for Corona virus (COVID-19) disease. People, who have already got a insurance policy, are able to file claims arising out of the treatment of Corona virus disease. However, if an individual buys a insurance policy after testing positive for COVID-19, then their health insurer won’t cover the treatment expenses.

Q2: How am i able to buy Corona Virus Insurance Plans online?

Ans: you’ll be able to easily buy a coronavirus insurance for coronavirus online. you’ve got to first choose the Corona virus health plan that you simply want to shop for. Enter the specified details and pay the payment online. Once the payment has been made, the COVID-19 insurance are issued to you.

Q3: Is there a separate waiting period for the omicron COVID variant under Insurance Plans?

Ans: No separate waiting period will apply to avail coverage for the omicron variant of coronavirus under various insurance plans available in India.

Q4: Does your Insurance Policy cover the new omicron COVID variant?

Ans: Yes. Your existing corona virus insurance policy will provide coverage for the new omicron variant of corona virus. this is often because omicron is merely a variant of COVID-19 and thus, are eligible for coverage under all existing COVID insurance and regular insurance plans.

Q5: Should I buy a Corona Virus insurance conceive to stay safe from the omicron variant?

Ans: Yes. you need to buy a coronavirus insurance policy to remain financially protected against the new omicron variant because it is taken into account more infectious than the previous variants because of over 30 mutations on its spike protein.

Q6: Is home care covered by Corona Virus Insurance?

Ans: Most Coronavirus insurance policy covers home care expenses if it’s been recommended by the doctor. However, home quarantine-related expenses aren’t covered by most insurance companies. Therefore, it’s advisable to test the identical together with your insurance provider.

Q7: Is there any waiting period applicable to Corona Virus Health Insurance?

Ans: Yes. Coronavirus insurance comes with a waiting period of either 16 days or 30 days from the date of commencement of the policy. Therefore, it’s advisable to test together with your insurance provider regarding any initial waiting period.

Q8: Is cashless and reimbursement facility available under Corona Virus health insurance?

Ans: Yes. Most Coronavirus health plans by insurance providers in India offers both cashless and reimbursement facilities. While cashless claims will be availed by receiving treatment at an empanelled hospital of the insurer, reimbursement claims is filed if the insured receives treatment for Coronavirus at a non-network hospital of the insurance provider.

Q9: Is insurance for the COVID-19 Corona Virus disease available in India?

Ans: Yes. Several insurance companies in India are offering dedicated insurance for coronavirus. a number of the insurance companies offering Coronavirus insurance includes Care insurance (Formerly referred to as Religare Health Insurance), Digit insurance, Star insurance and lots of more.

* News associated with Insurance for Corona Virus
1. Insurers to continue Selling and Renewing COVID Health Plans: IRDAI
Amid the rising numbers of COVID-19 cases within the second wave, people that are trying to find insurance cover need to get the identical. they ought to not be denied the coverage benefits during this crucial time of the pandemic, said the IRDAI during a promulgation issued on 10 May, 2021. The Insurance Regulator further advised all the insurance providers to form sure that wherever Corona Specific standard insurance products are filed and approved by IRDAI, they ought to be provided to the applicants as per the insurer’s promised policy. Also, where the Corona health plans enable the policyholder to renew the policy, the insurance companies need to renew such plans subject to the underwriting policy of the respective insurance providers.
Source: Livemint | Published on 11th May 2021
2. COVID-19 warriors: Insurance scheme extended for an additional year
On Monday the Union Health Ministry had announced that the insurance scheme for healthcare workers are in effect for a year ranging from March 20. The Pradhan Mantri Garib Kalyan Package scheme offered a security net to the families of doctors just in case of COVID-19 related adversities. But now the scheme was to finish on April 24, which might have led doctors with none insurance support.
3. Insurers to help their Policy holders for COVID-19 Vaccination- IRDAI
The Insurance Regulatory and Development Authority of India (IRDAI) recently released a circular to any or all the Insurers to rearrange COVID-19 vaccination to any or all the eligible policyholders. The regulator has also asked them to form special arrangements to urge maximum people inoculated. In a letter to the insurance providers, IRDAI has asked them to create special arrangements for vaccinations for his or her policyholders either as a gaggle or individual at a government facility or a non-public facility as per their policy option. IRDAI announced that the policy company can spread awareness regarding the vaccination by sharing and sending SMS or email.