3 Health Insurance Policies To Tackle COVID-19
The novel Coronavirus (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus.
Most people who contract the virus will experience mild to moderate symptoms; however, a proportion of the population gets affected seriously and need urgent hospitalization.
How does the virus spread in communities?
The virus can spread from an infected person’s mouth or nose in the form of an aerosol or tiny droplets when they speak, cough, sneeze, etc. One can readily contract the infection by inhaling the virus or touching contaminated surfaces and then touching one’s eyes, nose or mouth.
How to stay safe from the virus?
To stay safe from the virus, you need to wear a mask and maintain a distance of six feet from others. In addition, wash your hands thoroughly and avoid poorly ventilated and crowded places.
What is Coronavirus Health insurance?
It is a customized Health Insurance Policy dedicated to covering hospitalization and treatment costs if the insured tests positive with Coronavirus. A Comprehensive health Insurance policy pays pre and post-hospitalization expenses, including in-patient and out-patient expenses, incurred on the treatment of COVID-19 and its variants, including the newly emerging Omicron variant.
In the present-day pandemic situation, when everything seems uncertain, it’s wise to get Coronavirus Health Insurance for you and your family members. The coverage starts from the day you get diagnosed with COVID-19 infection. However, there is a standard waiting period. If one contracts the virus after the waiting period, only then the insurer will bear the treatment expenses.
It’s prudent to get oneself a health insurance cover while one is healthy to overcome any steep treatment costs due to COVID-19.
If you purchase Health Insurance after contracting the virus, it will be considered a pre-existing illness and won’t be covered under your policy.
Points to ensure before buying Health Insurance for Coronavirus
- Study in detail the list of network hospitals so that one can make cashless claims on admission in a preferred hospital in case of need.
- It should cover basic expenses like pre and post-hospitalization expenses, in-patient hospitalization, ICU charges, and road ambulance expenses.
- Check the length of the waiting period. Most standard plans have a waiting period of 30 days before they start covering you for an ailment.
- The waiting period varies from policy to policy; hence, check the waiting period for COVID-19 under the health plan you wish to buy.
- The offered Sum Insured also needs to be checked as the treatment and hospitalization cost of COVID-19 is very steep. It’s advisable to select plants with a higher SI ( Sum Insured).
Coronavirus Health Insurance Policy in India
- Corona Kavach Policy for COVID-19
This policy is a single premium standard Health Insurance policy which covers both individuals and families at an affordable premium. The policy also has a much shorter waiting period of 15 days, after which one can start availing of the benefits. This policy can be bought for a period of 3.5 months (105 days ), 6.5 months (195 days ), and 9.5 months (285 days). Private Insurers and General Insurers offer corona Kavach both. The policy provides cover against pre and post-hospitalization expenses, ambulance costs, AYUSH treatment expenses, and homecare treatment. Corona Kavach is a short-term Health Insurance Policy.
- Corona Rakshak Policy for COVID-19
Corona Rakshak Policy is another short-term policy that can be purchased to cover treatment expenses once individual tests positive for Coronavirus; however, the diagnosis needs to be done by a government-recognized diagnostic center. But, unlike Corona Kavach policy, this is a benefit-based policy that offers a lump sum benefit equal to 100% of the Sum insured in case the policyholder tests positive.
This Health Insurance Policy is also COVID-19 specific and covers hospitalization charges and expenses incurred towards PPE kits, nebulizers, masks, oxygen cylinders, gloves, oximeters, etc.
A hospitalization period of a minimum of 72 hours is needed. The policy also covers AYUSH Treatment etc. This Insurance Policy is available to individuals aged 18-65 years on an individual sum insured basis that ranges from Rs 50,000 to Rs 2.5 lakh. Individuals with co-morbidity can also avail of insurance cover upon additional premium payment.
Corona Rakshak policy is affordable and comes with reasonable premiums.
- Arogya Sanjeevani policy
Arogya Sanjeevani policy is a Health Insurance policy that covers treatment expenses in case the policyholder or his family members test positive for COVID-19. One can buy this policy if aged between 18 – 65 years and can avail several benefits like pre and post-hospitalization expenses, AYUSH Treatment, daycare treatment, cataract surgery, road ambulance, etc. It comes with a wide range of sum insured options of Rs 1 lakh and Rs 5 lakhs.
Present times are turbulent and filled with uncertainty due to the worldwide turmoil caused by successive waves of the Coronavirus. The Second wave took its toll, and the Third wave of Omicron is staring us in the face. Therefore, it’s a wise decision to buy Health Insurance for oneself and all family members, which will provide cover for healthcare expenses arising due to COVID-19.
Arogya Rakshak and Arogya Kavach policies are recommended for those who want affordable coverage only for COVID-19. Whereas Arogya Sanjeevani Policy is better suited for first-time Health Insurance buyers. Whichever policy one decides to invest in, it will surely hold one in good stead in Pandemic times.