The COVID-19 pandemic has taken a huge space in our lives over the last 2 years. The economic impact of the pandemic is huge and the damage of it touches every part of our lives. Even today, hospitalization after being infected with coronavirus infection is putting pressure on the financial status on patients. Having health insurance can save a lot of money and avoid the need to burn through your existing savings to cover hospital expenses. There are many questions about COVID-19 and health insurance in India. Here are some basic pointers to help you get out of the maze of health cover plans and their claim settlement.
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Existing policyholders
If you have a regular health insurance plan, whether it is an individual policy or a family floater plan, the cost of hospitalization due to Covid-19 will be borne by the insurance company up to the sum insured. However, if you need to undergo home care treatment, you should check with the insurance company to see if the expenses will be covered. Coronavirus treatment requires specialized procedures and procedures, the cost of which may not be covered under the policy.
Also, according to recent experience, if one member of the family becomes ill, other members may also become ill. In such a situation, more than one person from the same family is hospitalized. Therefore, it is a good idea to opt for personal health coverage instead of the Family Floater plan, as the sum insured can run out quickly. *
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Home treatment
Not all health insurance policies offer coverage towards an insurance claim fortreatment at home. However, there’s no guarantee that you might have access to beds in the hospital. In this case, it is advisable to obtain a written authorization from the insurance company. You can send a doctor’s prescription, policy number, etc. and get approval after notifying the insurance company. In the case of home treatment, the policyholder is required to obtain in writing the specific cost heads to be covered by the insurer. Considering the need for and importance of home remedies, many insurance companies are launching new health insurance plans that offer home care as a built-in facility. *
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New policy buyers
If you buy a health insurance plan now and want to use it to cover hospitalization costs caused by COVID-19 at some point in the future, you can still do so. However, keep in mind that there is a waiting period of 30 days prior to admission to any hospital, including COVID-19. One of the many benefits of health insurance is that if you buy it early in life, it might be easier to purchase and light on your pocket. *
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Updating coverage
If you want to increase coverage as an existing health insurance policyholder, you can do so. However, any increase in coverage is allowed only during the policy renewal period. One can choose top-up or super top-up to increase the amount of coverage.
Having to admit yourself to the hospital and running out of health insurance coverage can put you in a tricky financial position. Depending on the city of residence and the type of hospitals in your area and your own affordability, treatment can cost around ₹ 25 lakhs. Hence your cover amount should be greater than that. *
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