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Available options, list of policies and other questions answered

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Available options, list of policies and other questions answered

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The arrival of the pandemic has taken the world by storm. When COVID-19 emerged in full force in March 2020 in India, healthcare institutions, diagnostic laboratories and health insurance companies scrambled to fill the gaps in our existing healthcare infrastructure.

To put it simply, these institutions had not yet witnessed such a large-scale impact due to the lack of health-related options. And we, as consumers, have suddenly realized the significance and importance of having a policy in place that accounts for such cases.

As the steady rise in cases has shaken the foundations of our systems and continues to do so today, individuals across the country have been forced to rethink their health and life insurance coverage. The devastating second wave of March 2021 has only further underscored the importance of protection like never before.

The latest variant of Omicron, which recently hit our shores, is once again a grim reminder of the need for adequate health and life insurance policies and access to means of obtaining credible information at their subject.

Some of the questions we’ve received about COVID-19 and health insurance are listed with answers below.

What are my options for covering myself and my family against COVID-19?

– All existing standard health insurance policies according to IRDAI, cover hospitalization costs related to COVID-19.

– Health insurance provided by your employer is usually personalized based on conversations between your employer and the insurer.

Be sure to go through the policy documents to understand exactly what the terms and conditions entail.

What should I pay attention to regarding my employer’s health insurance policy?

– There should be no waiting period for existing disease coverage.

– It should not be subject to sudden or major deductions.

– It must cover PPE kits (within a limit).

– It must cover home care, for people who cannot go out (specific to the clauses of the contract).

– Identify if there is a sub-limit on the room rent, which could lead to considerable savings.

– Check again that the hospital disinfection fees – biomedical waste, sanitation and fumigation are not payable.

What is personal health insurance as opposed to employer health insurance?

It is health insurance that you buy personally, for yourself. If you have your own policy as such, it should cover hospital costs related to COVID-19.

Other conditions you should be aware of:

– A 15-30 day waiting period for illness-related claims (including COVID-19).

– A waiting period of 3 to 4 years for pre-existing illnesses.

– He will be subject to heavy deductions.

– It will have a sub-limit or an eligibility cap on the room rent.

– It may not cover the cost of PPE kits separately.

– It may not cover home treatment.

– It will not cover hospital disinfection costs.

Could you cite examples of policies in place?

IRDAI has designed two short-term health insurance plans (maximum duration of 9.5 months) to meet the specific hospitalization needs of COVID-19.

1. Corona Kavatch

Corona Kavach is a short-term health insurance that reimburses actual hospitalization costs (if you are hospitalized for more than 24 hours).

The advantages of this policy are:

– There is no room rental limit.

– It covers PPE kits, masks and other costs separately.

– It covers hospitalization, even in the event of pre-existing illnesses.

– Every insurer is expected to offer this policy without any exceptions.

However, you cannot claim within the first 15 days of the policy.

2. Corona Rakshak:

Corona Rakshak is a short-term supplementary policy that pays you a fixed cash benefit of up to Rs. 2.50 lakhs per person, in the event of the following events:

– You have been diagnosed positive for COVID-19.

– You have been hospitalized for more than 72 hours.

The fixed cash component of Corona Rakshak can be used as desired. It helps you make significant deductions from the claim amount and can work as an alternative source of income.

Any other health insurance tips to remember?

1. Treatment, hospitalization and light medication related to COVID-19 may not be covered by your health insurance policy unless deemed “medically necessary”.

2. You must be admitted for “active treatment”. Which means that observing symptoms doesn’t count.

3. Home quarantine will also not be covered unless there is a shortage of hospital beds or it is a critical case.

The author, Dipika Jaikishan, is co-founder and COO of Basis. Opinions expressed are personal

Available options, list of policies and other questions answered

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