Are you having issues along with your medical insurance? Right here you will see that all of your answered questions on COVID-19 medical insurance
The COVID-19 pandemic is currently on everyone’s lips. Until now, the global pandemic has infected millions of people around the world and is increasing by the hour. In India, the total number of reported cases has exceeded 20 percent of the global total. These troubled times present a major challenge to the public health system and government as both seek beyond their capacity and fiscal limits to address this unique situation.
During this time, insurers are flooded with inquiries from anxious customers trying to determine what coverage is being offered, what waiting time may be, the cost implications, and the claims process.
Here are some of the most common health insurance questions related to COVID-19 that most customers face.
Is it important to choose a COVID health policy?
Given that there is still no clarity on the form of recovery or recurrence from the pandemic, and the vaccine is still many months away, it is absolutely critical that the first and the first be when you have your life or retirement savings due Completely water down a hospital stay in Covid The most important financial security and investment that you should make is getting health insurance or increasing your coverage immediately.
Is quarantine covered in the policy?
The COVID-19 treatment has created a special situation that consists of quarantine in a government approved facility that is not a hospital or even an isolation in your own home. Even if the policyholder is isolated in a government-approved facility due to a positive test, the cost, including before and after hospitalization, will be considered equivalent to hospitalization under the terms of the health insurance product. Quarantine for isolation only, without treatment, is not covered.
What is the average waiting time for a COVID policy?
Every health insurance has a waiting period of 30 days for regular hospital stays and 2 to 4 years for existing illnesses. In light of the public’s concerns with Covid, and in line with regulatory guidelines, some insurers have reduced the initial waiting time for policyholders for COVID-19-related hospital stays from 30 to 15 days.
Are there any COVID-19 specific policies that provide coverage from day one?
As recommended by IRDAI, several insurers offer COVID-specific pension insurance plans such as Corona Rakshak / Kavach. These are disease-specific plans that provide a lump sum for a positive diagnosis and hospitalization for COVID-19 infection. However, it is advisable to purchase these plans along with the regular health insurance plans that offer comprehensive coverage against all illnesses up to the total amount insured.
How big is the insurance coverage?
Coverage for COVID-19 infections is similar to any other disease. A hospital stay of at least 24 hours is required to receive treatment through your health insurance. All of your expenses will be covered for treatment during your hospital stay. In addition, it will also cover pre and post hospital costs, including the COVID-19 test, regular blood tests, x-rays and ambulance costs. It should be noted that the costs before and after the hospital stay only cover up to 30 days before and after the hospital stay.
What is the home treatment benefit?
Given the safety and wellbeing of customers and the lack of beds in the hospital, some insurers offer policyholders a home treatment facility in accordance with ICMR guidelines. This home treatment facility would be provided cashlessly through network providers and embedded service providers.
By Anuradha Sriram – Chief Actuarial Officer at Aditya Birla Health Insurance
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