Hello Readers!
The COVID-19 pandemic and crisis are running across the length and breadth of the country. The second wave of COVID-19 has again hit the economy of the country and has slowed down its recovery rate, what damage the second wave of COVID-19 has done to the economy will be analyzed only a few months later.
As of now, the cases are continuously increasing all over the country. The number of new cases is more than lakh per day. People who are getting hospitalized for the COVID-19 treatment are not only suffering physically but economically also. The COVID treatment has hit their finances.
However, in this time of the pandemic, adequate health insurance coverage can save a lot of money and will avoid the need for dipping into existing savings to meet hospital costs. Many questions are arising continuously in the mind of people regarding the health insurance policy in this time of the COVID-19 pandemic. They eagerly want to know what kind of hospitalization cost will their health insurance policy cover in this COVID-19 pandemic.
Well here are some basic pointers that will help you sail through the maze of health cover plans and their claim settlements.
If You Are An Existing Policyholder…………
If you already own a health insurance policy plan, be it an individual or family floater plan, it is a must for you to know that what kind of charges and how much your health insurance policy is going to cover. In case you get hospitalized for the COVID treatment, the cost of hospitalization is met by the insurer up to the sum insured.
However, in case you carry out your COVID treatment at home, then you need to check whether your health insurance policy will reimburse the expenses incurred or not. You can check easily by asking the insurer. Also, COVID treatment requires special processes and procedures that are expensive but may not be insured by your health insurance policy.
In case of COVID-19 infection, the chance of other family members getting positive, in any one member of the family get positive, is high, and multiple members of the same family getting treated for COVID will incur big expenses that may not be covered up completely if you have a family floater plan. Therefore, it may be better to opt for individual health covers.
Treatment In Home Isolation………….
Several COVID patients are treating themselves in home isolation, here they need to know that many of the health insurance policies are not providing cover for home treatment of COVID. However in case you are getting yourself treated at home due to a shortage of beds in hospitals, then in that case, it's better to get a written communication from the insurer.
Send the doctor's prescription, your health care or policy number, etc., and get approval after intimating the insurer. Remember you must get in writing on the specific cost-heads that the insurer will cover in case of home treatment of the policyholder.
Many health insurance policies, keeping the importance of home treatment of COVID in their mind, are launching new health insurance plans that provide cover for treatment of COVID-19 at home.
If You Are A New Policyholder……….
Well, if you are planning to buy a health insurance policy in this time of COVID pandemic, to cover any future hospitalization cost for COVID-19 treatment, then do remember that any health insurance policy comes with a waiting period, after the end of which only the policy becomes effective, except the accidental claims.
In the case of COVID treatment cover, there will be a waiting period of 30 days, before that any hospitalization cost for COVID-19 will not be covered by the health insurance policy.
Boost Your Health Insurance Policy…………
Given the necessity of staying in the hospital for at least 14 days for COVID treatment and the expenses incurred, one must boost their existing health insurance policy so that it can cover the hospitalization cost incurred.
Generally, the enhancement of your health insurance policy is allowed at the time of renewal of the policy, but you may still opt to go for a top-Up or a super top-up for enhancing the coverage amount.
Claims Settlements In Times Of COVID………..
To ease the process of claim settlements in this time of COVID-19 pandemic, the insurance regulator IRDAI has directed several instructions to the health insurance companies. They have directed that:
- In case the hospital is on the approved list of empaneled service providers, the hospitalization will be cashless.
- They told health insurance companies to communicate their cashless approvals to hospitals within 60 minutes of receipt of an authorization request, along with all requirements from the hospital.
In case the hospital is not on the list of the service provider, then the policy owner has to send all the hospital papers including bills, discharge reports, etc. to the insurer so that he can initiate the claim settlement process, for reimbursement of the bill amount.
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