Is it worth buying COVID-19 specific health insurance policies?
Health disorders can occur anytime in a person’s life, resulting in high medical costs when it comes to treatment. Therefore, one should know how to overcome them. With medical expenses on the rise day by day, buying a health insurance plan that satisfies a person’s needs is wise. However, one should consider choosing the right type of policy from an insurance company to get the best coverage for critical illnesses, accidents, and other services.
Nowadays, many health insurance plans are widely available in the markets, and not all are the same. Therefore, anyone who wants to buy a new plan should evaluate them from different sources with more attention. On the other hand, customers should check whether they offer coverage for the latest disorders such as COVID-19. Although many companies started providing COVID-19 insurance plans, many policyholders are not aware of them in detail due to the lack of knowledge and other factors. Hence, they should gather more information about them from industry experts that will help make the right decision.
Why should one buy a COVID-19 insurance plan?
COVID-19 is mainly caused by virus infections which affect a person in many ways. Anyone who tested positive in diagnostic tests should undergo hospitalization for more than 10 days, depending on the condition. The costs of treatments are high, and not everyone can afford them. Buying Coronavirus health insurance enables a policyholder to get coverage for the medical expenses after getting admission into a hospital. It gives ways to lower the financial burden significantly to experience peace of mind from mental worries and other problems. Not only that, it provides financial security to a policyholder that will help minimize unwanted issues.
Understanding COVID-19 health insurance plans
It is essential to know Corona health insurance plans before investing money to make the right decision. Apart from that, a person can focus more on his/her objectives after buying a policy. Most insurers offer two primary plans for policy buyers, and they can select the right one which suits their requirements. The cover is available from day 1 when a policyholder tested positive in lab tests.
1. Corona Kavach Policy
Corona Kavach Policy is a standard health insurance plan which caters to the requirements of individuals and families. The policy provides complete coverage for COVID-19 that starts from Rs 50,000 to Rs 5 lakhs. Moreover, it has three tenure options, and a policyholder can select the right one among them. A policyholder can even accommodate 4 children under this coverage. Some of the features offered by the policy include hospitalization charges, home treatment costs, ambulance charges, etc.
It is an indemnity policy that offers coverage for AYUSH treatments, homecare expenses, PPE kits, medicines, consultation fees, etc. At the same time, it has a waiting period of 15 days, and policy buyers can opt for a daily cash benefit by paying an extra premium. The policy covers only treatment costs and nothing else.
2. Corona Rakshak Policy
Corona Rakshak policy is also similar to Corona Kavach policy that offers coverage for people who are in the age group 18-65. The policy provides coverage for policyholders when they get hospitalized for at least 72 hours. Besides that, the plan offers 100% of the sum insured irrespective of the medical expenses incurred. It is the ideal option for policyholders when they are the only earning members.
While buying pandemic health insurance from the markets, one should read the terms and conditions in detail to avoid disputes.
Things covered under COVID-19 health insurance plans
- Pre and Post-Hospitalization: COVID-19 health insurance plans offer coverage for Pre and post-hospitalization expenses when they exceed more than 24 hours.
- Quarantine Coverage: COVID-19 specific health insurance plans provide coverage for policyholders who are quarantined in government-identified authorities.
- Domiciliary Treatment Costs: Sometimes, policyholders don’t get rooms in hospitals due to more patients, and doctors will recommend home care treatments for a maximum of 14 days. Having health insurance with COVID-19 coverage offers solutions for them to minimize expenses. It covers the amount for doctor visit fees, medicines, nursing fees, pulse oximeter, nebulizer, etc.
- ICU/ ICCU Limit: Policyholders will get coverage for ICU and Intensive Cardiac Care Unit (ICCU) to manage high medical expenses.
- AYUSH Treatments: AYUSH stands for Ayurveda, Yoga and Naturopathy, Unani, Siddha, and Homeopathy treatments. Anyone who wants to choose alternative treatments for COVID-19 can select this option.
- Coverage for Consumables: The COVID-19 insurance plan covers consumables such as PPE kits, masks, gloves, oxygen, and similar expenses.
- Daily Hospital Cash: It is an additional add-on coverage that one can buy with a health insurance policy. For example, those hospitalized for 24 hours can get 0.5% of the sum assured daily for a maximum of 15 days under COVID-19.
- Ambulance Coverage: Policyholders can get ambulance coverage for a maximum of Rs. 2000 under this policy that will help minimize expenses to a large extent.
Things not covered in Corona health insurance plans
Policyholders should also know the exclusions in Corona health insurance plans. Some of them include treatment outside India, travel history, hospitalization for less than 24 hours and 72 hours, and non-authorized diagnostic tests. When buying a new health insurance plan from an insurer, one should know all the details that will help meet the exact requirements in the coverage process.
COVID-19 cases are increasing in India that need unique treatments to restore the conditions significantly. Therefore, buying COVID-19 specific health insurance policies is worthy because they play an essential role in providing maximum protection to policyholders with the best features. However, it is crucial to keep certain things in mind before buying a policy from the markets. This will help claim amounts for various expenses as soon as possible. Also, a policyholder can save more money with them to reduce mental stress and other issues.