Aligning to the Insurance Regulatory and Development Authority of India (IRDAI) guidelines, all the health and general insurance companies have launched two standard Coronavirus Covers to meet the needs of the people. The two mandated Covid-19 health insurance policies and their benefits as follows: -
● Corona Kavach Policy: Included under the category COVID-19 insurance policies, the Corona Kavach Policy is a standard healthcare policy designed to cover expenses incurred on healthcare treatment for COVID-19 infection only. This policy mandated with the same terms across all insurance companies in India is primarily intended to offer individuals an affordable insurance policy for treatment of COVID-19. The policy covers home care treatment cost (Diagnostic tests, cost of oxygen cylinder(s), pulse oximeter, and the nebulizer, doctors fee, cost of the prescribed treatment), hospitalization expenses (Ambulance charges, Intensive Care Unit (ICU) charges, PPE kits cost, expenses of diagnostic, gloves, masks, boarding as well as nursing charges) and AYUSH treatments, depending on what the medical practitioner prescribes for you. Under the Corona Kavach Policy, the sum insured ranges between Rs.50,000 up to a maximum of Rs.5 lakhs.
● Corona Rakshak: With the sum assured ranging between Rs. 50,000 to Rs. 2.5 lakhs, the Corona Rakshak policy is another health insurance option to cover treatment requirements during the COVID-19 pandemic. However, Corona Rakshak exhibits a different functioning than any standard insurance policy. All things considered, you are provided with a lump-sum amount following 72 hours of continuous hospitalization. The amount is paid to you independent of the treatment costs. However, following the payment, the policy will cease to exist.
● Group Health Insurance (COVID-19 cover): If you are part of a group health insurance policy, check with your insurer if the policy covers the expenses of novel coronavirus treatment.
To provide basic financial support to individuals during the pandemic, almost all insurance companies cover COVID-19 treatment under their present health insurance policies. That is, to put it simply, if you have subscribed to a health insurance plan before testing positive for COVID-19, the hospitalization expenses incurred during the treatment will be covered under your present Mediclaim policy. However, in case of signing up for a health insurance policy after testing positive for Coronavirus, the treatment expenses will not be covered under the existing plan
Any health insurance policy mandated by the IRDAI and designed to cover the expenses incurred during treatment of COVID-19 is included under the definition of coronavirus health insurance. In India, a few Coronavirus health insurance policies such as Corona Kavach Policy and Corona Rakshak are available online.
Designed to offer financial support to individuals during the Coronavirus pandemic, the coronavirus health insurance policy allocates several benefits such as:
● Hospitalization expenses (including both pre-hospitalization and post-hospitalization expenses)
● Home treatment, if prescribed by an authorized health professional
● Consumable expenses such as the cost of ventilators, oxygen cylinders, PPE kit, etc.
● Availability of add-on covers
The procedure for filing a claim under a coronavirus insurance cover is the same as other health insurance policies. Health insurance for Coronavirus (COVID-19) can primarily be filed in two ways, i.e., either to file for a reimbursement claim or to file for a cashless claim.
● Reimbursement Claim
This type of insurance claim is supposed to be filed for by the policyholders who have been hospitalized and have received their treatment for Coronavirus-related issues at a hospital that falls under the non-network category with their insurer. When an insured person who has been treated for Coronavirus at a non-network hospital is discharged, he/she is supposed to pay their bills in totality at the time of discharge.
After being discharged, they are supposed to file for a reimbursement claim with their insurer or the TPA. To do so, the policyholder is supposed to fill a reimbursement form and attach the required documents, which include but may not be limited to the hospital bill receipt, test reports (if any), and the doctor's prescription, which must either be duly signed by the doctor or must have a name stamp with the date and signature on it. The form, along with the documents, must be submitted to the insurer within the stipulated period.
Once the required documents are submitted, the insurer cross-verifies all the documents. Once the claim has been verified, the amount to be reimbursed is directly transferred to the policyholder holder's bank account.
● Cashless Claim
This mode of claim filing is highly popular in recent times as most health insurers prefer providing their policyholders with the option of a hassle-free cashless treatment facility. For this mode of filing an insurance claim, the insured person does not have to make any payments from their pocket at a network hospital. Rather, the bills for treatment are paid for by the insurance company directly to the network hospital in which the treatment has been availed.
As an insured person, if you are availing of treatment for Coronavirus in any hospital which is in the network of your insurance company, then, in that case, you will not have to pay any bills at the hospital, and rather they would be taken care of directly by your insurance provider. To be eligible for cashless hospitalization, make sure to check with your insurer regarding your eligibility.
You can easily find out the list of network hospitals of your policy provider in the policy and the official website of the insurance company.
An insured person can raise a claim easily by keeping a few nitty-gritty in mind. The first thing to keep in mind before raising a health insurance claim is to know that there are two types of insurance claims, and you must know which one you are claiming for. One being a Reimbursement claim and the other being a Cashless claim. A reimbursement claim can be filed when the insured avails treatment in a non-network hospital. In this kind of claim, the insured is supposed to pay all the hospital bills duly at the time of discharge. Post-discharge, a reimbursement form is supposed to be filed by the insured. Along with it, necessary documents such as hospital bills, doctor's prescriptions, etc., are supposed to be submitted for verification to the policy provider within the stipulated time. After verification by the insurer, the money is transferred to the insured's bank account.
A cashless claim can be filed when the insured person avails treatment at a network hospital. In this claimed method, the insured must not make any payments from their end, as the bills are settled directly by the insurer with the hospital.
While raising a claim, other points to keep in mind are to ensure that you, as the insured, are transparent with your insurance company. It is also important to note what action on your end could result in the rejection of the insurance claim. Before raising a claim, ensure that the claim is raised within the stipulated time as prescribed by the policy provider; ensure you have all the required documents that are required for raising a claim. Lastly, in case of any confusion or doubts, reach out to the insurance company and seek their help.
In the past year, COVID 19 has become a global concern. With deadly wave after wave impacting everyone around us, it is only natural to feel anxious and concerned. Another major issue has been the burdening hospital bills due to the expensive treatment. The quarantine expenses, treatment expenses, and post-treatment expenses can get out of hand, which is why Coronavirus health insurance has become a must in these testing times. The coronavirus health insurance reimburses its policyholders the cost of expenses incurred during the treatment. This insurance policy covers the 24-hour hospitalization expenses for as many days that the treatment goes on. It includes the expenses incurred on tests as well as prehospitalization expenses and ambulance expenses.
To apply for the Corona Virus Protection Cover, here are all the simple steps that you need to follow: -
● First of all, you need to finalize the insurance plan that you want to purchase. Herein, you must understand the coverage, features, exclusions and premium details.
● If you are comfortable with the terms and conditions of the policy, then complete the proposal form carefully. Herein, you must provide the accurate details of the insured persons and their medical information.
● After you submit the proposal form, the insurer will verify the information mentioned therein. If the information is found to be correct and you are found eligible for the coverage, the policy kit comprising the Policy Schedule, Policy wordings and other essential documents will be sent to the registered address or through email id.
● If the insurer is unable to offer the coverage under the policy due to any reason, the decision will be intimated through any of the approved channels.
While choosing a COVID-19 insurance plan, you must strike a balance between his current financial status and what you can afford and between how much insurance coverage you might need in case of contracting COVID-19. Moreover, if you have dependent family members, you must add them as beneficiaries to his insurance plan to ensure full insurance coverage for the family. This will help you cover the family under the same insurance policy. For family, floater plans, the IRDAI has approved the Corona Kavach Policy and, for individuals, the Corona Rakshak Policy.
Various insurance companies are offering different rider plans for COVID-19. While you must be aware of the available riders for the insurance plans, you must also consider the change in premium from your base plan policy and the coverage offered. Further, COVID-19 Health Insurance Policies riders are also offering lump sum benefits on COVID-19 diagnosis and full insurance coverage in the event of death by COVID-19. Therefore, you must weigh the extent of coverage you are likely to need and select a COVID-19 Insurance Plan or rider accordingly.
COVID-19 has greatly affected the world and has proven to be extremely unpredictable. Many people have contracted the virus, and due to unpreparedness for the virus in terms of financial resources required for treatment, many lives have been lost. A Corona Kavach Health Insurance Policy is one of India's most affordable COVID-19 insurance plans today and will ensure financial coverage to the beneficiaries. The insurance plan has been created to specifically cater to the needs of COVID-19 patients with or without co-morbidities.
While Corona Kavach Policy is created to offer insurance coverage from Rs. 50,000 to Rs. 5 lakhs and offers coverage to the individual and the family members added to the floater plan; the Corona Rakshak Policy grants coverage from Rs. 50,000 to Rs. 2.5 lakhs and is only applicable to an individual. Corona Kavach plans are indemnity-based, and payments are made according to the hospitalization expenses incurred. In contrast, Corona Rakshak makes payments as a lump sum amount at the time of diagnosis of COVID-19. Both the plans may cover pre-existing co-morbidities and are available for tenures starting from 3.5 months to a maximum of 9.5 months which can be renewed at the buyer's will.
There are primarily 3 types of Coronavirus (COVID-19) health insurance plans in India that the Insurance Regulatory Department Authority has approved of India (IRDAI). These plans are fixed as standard plans with standard terms and limits across all insurance providers in India. The plans are Corona Kavach Policy, Corona Rakshak Policy, and Coronavirus Group Health Insurance. While Corona Kavach policy is an insurance policy that offers cover to an entire family, Corona Rakshak Policy is an insurance plan designed for individuals only
Coronavirus Health Insurance Policies generally do not cover pre-existing injuries or ailments diagnosed within 48 months before the first policy was subscribed. Coronavirus health insurance policy does not offer any benefit for the diagnosis and treatment of any other illness or injury than Coronavirus disease.
To make a claim under coronavirus health insurance plans, the person insured must have been hospitalized for over 24 hours after being diagnosed with COVID-19. For cashless claims at network hospitals of a buyer's insurance provider, the beneficiary will be required to show his health insurance ID card to the insurance desk of the network hospital. Alternatively, insured persons can directly contact the insurance company for guidance on how to make claims against their insurance policy.
All individuals must carefully consider the amount of coverage they need or can afford. Along with that, insurance plans must be bought based on the number of family members that are dependent on you for health and welfare. While choosing an insurance provider for COVID-19, the number of network hospitals and the quality of those hospitals, along with good claim settlement ratios, must be given priority. Whether the policy covers consumables or includes any other aspect of treatment and hospitalization must be paid attention to, and most importantly, individuals must explore the options available in the market before making a choice so as to be able to pick the insurance policy that is best suited for them.
Corona Insurance will allow you to be financially prepared for the virus that is unpredictably harming countless people daily. In the event of a loved one or a family member contracting the virus, a claim can be filed for hospitalization and treatment cost under the family floater plan. In fact, upon admission to a network hospital, the insured person can avoid the hassle of making cash payments by availing of the cashless treatment facility. Even if the insured person's doctor advises treatment for COVID-19 at home, the COVID-19 health insurance policies will cover the same. Moreover, the costs of consumables such as gloves, masks, sanitizers, and PPE kits are also included in the Coronavirus Insurance plans.
Share This page
© 2020 Navi Technologies Pvt Ltd. All rights are reserved.