The COVID-19 pandemic has wreaked great havoc by infecting millions of people till now, the condition is even getting worse by the job cuts and shutting down economies around the world. However, this condition is not going to end sooner as no one is immune to this infection until we get the vaccine made.
With the drastically increasing numbers, and private hospitals charging thousands/lakhs for the treatment, there is chaos between the people that how they are going to afford this treatment in case they get infected. Well, having a health insurance or insurance that covers your corona treatment keeps you sorted in this situation. But, India is the country where only about 45% of the population is covered by health insurance.
Even many among those who have health insurance are confused whether their health insurance policy will provide them with adequate coverage against the deadly virus or not.
Why should you have a COVID-19 insurance cover?
Uncertainty of Exposure
Since when the coronavirus has hit our lives health authorities and WHO have been warning us about its effect and preventive measures. The condition is unlike ever before as it has been eight months now and we still don’t have the vaccine for this contagious infection. After the strict lockdown for more than 4 months India is now going through unlock phases where the economy is being opened and we are getting back to our normal life. Though we are getting back to our normal lives, the chances of us getting infected have also increased. Hence, it makes even more sense that we buy a health insurance policy/COVID-19 insurance policy for us and our families.
High Treatment Costs
With the number of coronavirus cases crossing 3.85 million in India, healthcare facilities are under constant pressure with a limited number of manpower, beds and ICU facilities. In such a situation where government hospitals are mostly occupied, treatment in private hospitals can prove to be expensive where PPE, surgical accessories, toiletries expenses are also counted on patients. All this forces us to analyse our financial capability to fight the disease. Well, having a health insurance policy is the need for the current situation if you want to be at least financially free. However, before you buy one it is important to make sure that the policy provides a COVID-19 cover or to make it easier you can also go for a COVID-19 cover which is presently offered by all the insurance companies.
The most common question arising in thousands of mind right now-
Does a Regular Health Insurance Policy Cover Coronavirus Infection?
Well, the answer is quite a relief for many who have a health insurance policy from before. As per the directions of the Insurance Regulatory and Development Authority of India (IRDAI), all health and general health insurance companies/providers have been asked to cover claims related to COVID-19 under regular health insurance plans. So, for those who have a health insurance policy can file a claim for coronavirus infection as well.
What is COVID-19 Specific Health insurance Policy?
As per the advisory of IRDAI, several insurance companies have come up with fixed-benefit plans providing coverage specifically for COVID-19 treatment. These plans offer a lump-sum amount for the treatment of the corona infection if the insurance holder is tested positive for it. Getting these policies can help you to compensate for the loss of income during the treatment of the illness as the policyholder is paid the entire sum insured.
These plans are divided into two categories of which, one is COVID Kavach and the second one is COVID Rakshak.
Health insurance is always good to have as it provides a cover to you and your loved ones. The policy not only helps you to get the best treatment but also pays the total cost of treatment. Knowing the advantages it is always better to buy a comprehensive health insurance policy. But, before you get one, it’s important to look around for a product that covers all the members of the family. The sum insured under the policy is also one of the important factors to look for.
