Introduction:

Novel Coronavirus is a contagious disease which results in sicknesses ranging from the common cold, to the more serious ones like pneumonia, impaired kidney, lung disorders and even multi-organ failure.

The World Health Organization (WHO) has announced it as a pandemic. The feared infection has claimed numerous lives across the globe. In India, there is a thriving number of COVID-19 cases each day, although the count has started to show a declining trend since Oct’20. Amidst the testing times, the importance of health insurance cannot be ruled out. It is useful to get acquainted with how your health insurance policy will assist in covering the cost of medical care associated with COVID-19.

The Cost of COVID-19-care

The greatest concern among people is the cost of the covid-19 treatment, hospitalization and how the insurance companies are treating these claims. A circular issued by the Insurance Regulatory and Development Authority of India (IRDAI) in 4th March, 2020, stated that insurance agencies must provide cover to COVID-19 patients and settle the cases according to the pertinent norms. The authority also mandated the insurance companies to fast track the claim settlement for policy holders afflicted by corona-related ailments.

Significance of Coronavirus Health Insurance coverage:

The outbreak of Coronavirus has compelled individuals to stay indoors creating a serious impact on livelihood and finances. In such difficult situations, it is essential that you are prepared for the worst. Hence, buying a health insurance plan is the wisest decision you can make today.

Must include features in the Health Insurance Policy

  • The health insurance policy should cover COVID-19 hospitalisation costs.
  • If you have a group health insurance policy, then the policy should cover up to the age group of 18-75 years, majorly senior citizens who are most prone to the infection.
  • The health insurance policy should cover the expenses incurred if the medical expert advises to isolate/quarantine in the medical facility.
  • Your travel history will should not affect your admission for claim as long as your hospitalisation is in India. 
  • In case you’re hospitalized, you can initiate a claim intimation online, either via a mobile app or by directly visiting their website.

It is important to note that – If you have purchased a new health insurance policy, the hospitalisation expenses incurred will not be covered if you have contracted the illness before the completion of 30 days of the waiting period.

Advantages of health insurance cover in the time of coronavirus:

  • As the infection is now spreading quickly, it can affect anyone. A health insurance policy will help to keep you safe and battle the ailment with no budgetary strain. In India, the COVID test cost around Rs: 4,500 approximate. Buying a health insurance policy will assist with covering the health risk.
  • Since the senior residents are at a higher risk of being affected by the virus, a health insurance policy will offer cover to higher age group as well.
  • It is vital for middle class and low-income earning families to choose health insurance policy who won’t be able to bear the weight of two-three individuals affected by Coronavirus.

Since Coronavirus cases are growing exponentially, having Health Insurance will prove to be beneficial for you and your family. It is better to buy now before it is too late. Fincare Small Finance Bank is here to serve you during such crisis.

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