Since the past few months, a new member has been added to our families. In some houses in the form of conversations, in the form of panic in some and in others it is presented in its most powerful form as the virus. COVID – 19 is a novel virus which first left its impression in December 2019 in Wuhan, China. It is a severe acute respiratory syndrome effecting people of all ages but majorly people of age above 55 and the ones with a past medical history of any respiratory disorder, Diabetes, etc. In a matter of a few months it is now present in low or high numbers in almost all countries of this world. With infecting almost 29.3K* population and the death toll reaching up to 820K* (*September 2020) of the world and increasing, it is one of the largest pandemics that has hit the humanity. We all took a few months to properly understand the intensity of this situation and to responsibly act upon it.
This pandemic has proven to be more challenging because of lack of medical aids and resources in some parts of the country. Due to this low supply of the medical aids and facilities and still new ways and methods of the treatment, the prices of these facilities also touched the sky. On the other hand, due to a nationwide lockdown, with the national economy at stake many people are facing pay cuts and many are even losing their jobs. So how can one manage the sky high expenses of COVID treatment if one happens to contract the infection?
Here is when a health insurance comes to our rescue. But the next big question is Do health insurance companies cover COVID 19 treatment?
The good news is yes. Let us have a look at the new statements and policies released by IRDAI in relevance to this.
Insurance Regulatory and Development Authority of India (IRDAI) announced guidelines on CoVID-19 standard benefit-based health policy and individual Covid-19 standard health policy. Guidelines were issued for Corona Rakshak policy which is a standard benefit-based policy and Corona Kavach Policy, a standard health policy.
IRDAI has asked insurers to design products covering the treatment cost of coronavirus. It said “In order to provide need based health insurance coverage, insurers are introducing products for various specific diseases including vector borne diseases. For the purpose of meeting health insurance requirements of various sections, insurers are advised to design products covering the costs of treatment for Corona Virus.”
List of features of COVID 19 cover by IRDAI
The minimum sum insured of the policy would be Rs. 50,000
- The maximum sum insured of the policy would be Rs. 2,50,000.
- The policy will be divided into three tenured – three and half months, six and half months and nine and half months.
- The minimum entry age to avail the policy is 18 years and the maximum entry will be 65 years or more. A proposer with higher age can obtain policy for adult members of the family, without covering self.
- The hospitalisation cost will include room, nursing, boarding expenses which is up to two per cent of the sum insured, capped at Rs 5,000 per day. It also covers consultants, surgeon, specialist fees, anaesthetist, medical practitioner, paid to the treating doctor, surgeon, or hospital directly. Operation theatre charges, surgical appliances, anaesthesia, blood, oxygen, medicines and drugs, costs towards diagnostics, and diagnostic imaging modalities are also covered.
- The policy will cover ICU expenses up to five per cent of the sum insured. A sum of Rs. 2000 is fixed for the expenses incurred on road ambulance per hospitalisation. All day care treatment will also be covered by the policy.
- Pre-hospitalisation medical expenses incurred will be admissible for 30 days. This will also include the cost of diagnosis. Medical expenses after hospitalisation following a claim, incurred for 60 days from the date of discharge will be included.
- The premium for COVID-19 can be paid either monthly, quarterly, half-yearly or annually.
How can RenewBuy help you?
At this hour of need, many insurers are out there to sell their products in the best way possible. Allow us to help choose the right one for you which-
- Doesn’t burn a hole in your pocket
- Is an honest dealer
- Provides maximum benefits
RenewBuy can help you compare various health insurances and guide through the process of choosing the right one for your need.
At severe times, all one needs to do is to make the right choices for the safety of you and your loved ones.