Does your health insurance have coverage for Coronavirus?

COVID-19 Health Insuramce

The COVID-19 pandemic has brought our lives to a stand-still. You can see people across India worried all the time and the panic started when there was news about the Coronavirus outbreak in India.

Many questions are running in the minds of people, some of the major questions are below;

  • What if I am diagnosed positive for COVID-19?
  • Does my current health insurance plan also have coverage for COVID-19?
  • Will my current insurance plan cover the costs in case I am on quarantine?

The bottom line is that everyone needs to be responsible and practice social distancing to reduce the spread of COVID-19. Though there is tremendous pressure on the public healthcare systems and administrators, they have done an exceptional job of keeping things in check.

Though people in India have started working in-doors to minimize the risk of getting affected by Coronavirus, many of them are curious to know whether there is Health Insurance for Coronavirus. Apart from the medical sector, the health insurance sector is also one of the highlights in light of this global pandemic.

Insurance companies in India are slowly coming up with a need-based insurance cover that covers COVID-19. These need-based insurance covers are released on a pilot basis for a limited amount of time. These products fall into IRDAI’s ‘SandBox regulation’ that lets insurance providers, fintech, and others to perform live-testing of new products or services in a very controlled environment.

Health insurance for Coronavirus, health insurance for COVID-19, symptoms, and treatment for COVID-19, etc. are most widely searched for the internet. This indicates that there was a pressing need to introduce health insurance for Coronavirus.

The majority of the people in India would have opted for some health insurance policy but the question that has to be answered is ‘Whether the insurance plan covers COVID-19 expenses with regards to quarantine and hospitalization’. The bright side is that the IRDAI (Insurance Regulatory and Development Authority) has made a mandate that all the insurance companies have to settle all the Coronavirus related cases with immediate effect, that too as per the original insurance policy taken by the impacted person.

However, this does not mean that all the expenses are covered under the current insurance scheme owned by the person. So what are the possible inclusions and exclusions? This task can be eased with the usage of the Health Insurance Premium calculator. As you would have rightly guessed, the Health Insurance Premium Calculator lets you calculate the additional premium that you need to pay for the additional health insurance for Coronavirus.

The insurance premium would largely depend on the number of members that you enroll in the insurance scheme, whether they hold any existing insurance policy with the same health insurance company and more.

Some of the leading insurance providers in India are doing their best to provide insurance services in these extraordinary times. Below are some of the essentials that are covered under the existing health insurance scheme;

  • All the costs related to COVID-19 detection tests are covered.
  • The costs incurred for procuring essential medicines and vaccines for treatment are covered.
  • Post-treatment costs are also covered under the existing policy.
  • Expenses related to the usage of daycare facilities are covered.
  • In-hospitalization charges and expenses incurred during the quarantine period are covered. Quarantine at home is not covered as a part of the policy.

The COVID-19 pandemic can be wiped out only if we break the chain. In such testing times, such reassurance from health insurance companies can reduce the stress that people in India have about Coronavirus.