COVID-19 Does My Existing Health Insurance Policy Cover Coronavirus Expenses?

Hello guys! Welcome to another HealthFN episode. This pandemic situation will blow my mind, and I guess many of you will agree.

Due to this pandemic situation, many questions have been raised, and one of them, which was actually asked by many of my members, is whether our existing insurance policy could help in this pandemic or not.

Will Existing Health Insurance Policy Help in COVID-19 Treatments?

So first, here is the good news: the answer to this question is true! Many of us still do not have health insurance because we think it’s just a waste of money—hey, if you think the same, you are wrong. In many cases, owners of health insurance find it very helpful to have health insurance. I request you, if you don’t have health insurance, then please buy one. It really helps in situations like nowadays’s “pandemic. “

So now move to our question, which was actually whether our existing insurance plan or policy helps during this pandemic. The answer is yes. Still, I want to inform you that this is the government statement for all the insurance firms that they have to cover coronavirus disease under their existing policy plan.

There are strict orders to follow all the rules. Health insurance companies will also provide all benefits to the policyholder regardless of whether the disease is COVID-19.

It has been clearly defined that if you test positive for COVID-19 by chance, your existing health insurance company must cover your hospital charges (this is all pre-defined in the terms and conditions of the plan). As we all know, there are no signs that the pandemic could slow down, and India is facing the second wave of COVID-19.

For me, seriously, this pandemic is more than a ghost; it’s directly attacked my financial conditions, but truly, I’m fully healthy and wealthy and also tested negative for COVID.

However, due to the pandemic, there are many situations in which I feel down. What if I don’t have an insurance policy because my financial condition is very bad and I’m not able to handle hospital charges, if any? But I knew that someday, these situations would come for me, and I’ll be ready for them. Make sure you are.

Claiming Procedure | Health Insurance Policy | Covid-19

  • You don’t have to pay Hospital Charges, also known as Cashless claims. There are many rules, regulations, and benefits to having an insurance policy. Different companies or policies have different rules or guidelines, and many insurance companies offer cashless claims to their policyholders. Now, what are cashless claims? It is well known by the name, but if you are confused, I’ll explain- cashless means NO cash needed to pay bills. In this type of insurance, the company will pay your hospital bills. Remember: they don’t give a claim in your hands as they have a policy to pay at the hospital.
  • At first, you pay the bill, then the insurance company will pay you back “Pay now, Reimburse later“If the policyholder tests positive or has any other injury/disease and there is a chance of getting hospitalized, if somehow the hospital in which you admit don’t have a connection to your insurance company then in this case you have to pay your bills by own then your insurance company will pay you back. Remember, before getting hospitalized, you must check whether your insurance company will provide you reimbursement. You must prepare documents to apply for reimbursement, like hospital bills, doctor’s statements about your health conditions, etc.

Guys! Again, I’m telling you how important it is to have health insurance at times, like the pandemic and lockdown. If you don’t have any health insurance and are worried about how to get one without getting out of the house, then here is the solution. You can buy health insurance online without any need for heavy documents and don’t have to wait too much for its confirmation. Buying an online insurance plan is the safest way to get insurance from home with full safety.

I know that everyone reads the news, but just for your information, I want to tell you that India just beat a country and took second place on the most affected countries. More than 1.5 crore people tested positive for COVID-19, and I bet you that they don’t know that their test results will be positive. That’s why I’m repeatedly saying that having health insurance during the pandemic will save you a lot.

I researched on the web to find some good health insurance so that if you are interested in buying health insurance, then you can take a look at this. Always read the terms and conditions of the policy that you want to buy.

A) New India Assurance health insurance

If somehow you tested positive for COVID-19 and have this insurance, don’t worry. I’ll tell you the benefits of this insurance. At first, this insurance is totally safe, and this company is actually an Indian company, so there is no worry about any loss or fraud. If you have this insurance then it covers all the expenses you got from hospitalization and home care treatments.

Every insurance policy has some rules and regulations. The policyholder who applies for insurance must be 18-65. The sum insured in this type of health insurance is about ₹ 50,000 to ₹ 5 lakh. This health insurance policy has other benefits, like offering pre-post hospitalization expenses, hospital daily cash, etc.

Benefits of New India Assurance Health Insurance Policy‘s
  • There are many benefits to having this type of health insurance. If you somehow tested positive for COVID-19 during a checkup, then this policy helps you handle expenses while you are resting at your home for up to 14 days.
  • Every company has different rules and regulations for their policy. For now, this type of insurance will provide this type assurity- if you were admitted in any hospital for more than 24 hours, then the hospital charges will pay by the insurance company (the company can provide you cashless claims or pay now, reimburse later etc. depends on the insurance company)

Max Bupa health insurance

There are many types of policy plans provided by many companies in India, but I found some very good health insurance plans by doing some research, and one of them is an indemnity-based plan. Now, don’t worry; I’ll explain what an indemnity-based plan is.

In these plans, if you and a family member (having this type of insurance) are hospitalized, you don’t have to worry about expenses or hospital charges.

Still, you must worry about the insurance sum assured in your policy plan. Yes, let’s understand it with a simple example: if someone buys this type of health insurance plan, then they have to choose a plan in which some terms and conditions will be defined, like the sum insured for the plan. Now, suppose that the plan you choose has an insured sum of about ₹ 50,000 to ₹ 5 lakh.

Then if your hospital expenses more than insured amount then the rest will pay by you, not the insurance company but remember what i say it’s totally depends on your health insurance policy plan.

Max Bupa Health Insurance Policy/Plan | Benefits
  • If you or a family member are hospitalized, then the expenses will be before 15 days of being hospitalized and 30 days after discharge.
  • If you are found to be positive for COVID-19, then the company will handle the expenses, but within the insured amount.
  • If you have any treatment, then it is also covered under this health insurance policy
  • If you have any home care treatments related to COVID-19, the company will cover the expenses under the policy.
Some benefits aren’t covered under this insurance:
  • Some conditions and situations are not valid to claim under this health insurance, such as rest cure, rehabilitation expenses, and respite cure expenses.
  • If you have purchased any diet supplements or health substances, this is not covered under this policy.
  • If you test positive and after the results, you apply for health insurance, then the company couldn’t provide any coverage related to COVID-19.
  • Some other expenses are not covered under this policy, like Daycare and OPD treatment.
  • If you have any treatment outside the Indian region, it is not covered under this policy.
  • If you have tests at a diagnostic center that is not authorized by the Indian government, expenses related to these types of tests are not covered under this insurance policy.
  • If the Indian government defines any place for travel restrictions and you somehow travel to those places, then this insurance policy ceases.

Corona Kavach Policy for COVID 19

This indemnity-based health insurance policy provides many benefits at an affordable premium to you and your family members. As its name says, it is a standard health policy that helps you cover expenses related to COVID-19. You should buy this policy because it covers all expenses for hospitalization during coronavirus treatment.

Different types of health insurance are in the market based on specific rules. Some insurance is only for policyholders or individuals and does not cover family members. But now we talk about this one—the most beneficial thing about this Corona Kavach policy is that any individual, their dependent children, their parents, and their parents-in-law are covered under it.

This insurance policy offers coverage for 3.5 months (105 days), 6.5 months (195 days), and 9.5 months (285 days).

This insurance is provided by both private and general insurers. It covers many expenses, including homecare treatments, hospitalization, road ambulance, and AYUSH treatment expenses. The best benefit of this policy is that if you apply for it, then after 15 days, you are eligible to avail yourself of its benefits.

Corona Rakshak Policy for COVID-19

After the rising number of COVID-19 patients, the Indian government offered them an insurance policy that helps protect them from this coronavirus. This health insurance policy is generally known as the Corona Rakshak Policy. This policy is based on a benefit health insurance policy, which means that the insured amount is equal to 100% if somehow the policyholder has tested positive for COVID-19.

If you or any of your family members are between 18 and 65 years old, then he/she is eligible to buy this policy, which is also available for short time periods like 3.5 months, 6.5 months, or 9.5 months. The keynote: if the policyholder receives benefits from this policy, then this policy is closed.

Remember, if anyone tests positive under treatment for COVID-19 and gets hospitalized in any of the Indian government hospitals (recognized by the Indian government), then expenses are totally covered by this health insurance policy. But if the policyholder is hospitalized for more than 72 hours in any recognized hospital, this policy helps handle all the expenses under covid-19. As i mentioned above this policy is benefit-based policy which means that this policy is not renewale.

Is there any difference between Corona Kavach and Corona Rakshak Health Insurance policy

Now, from all the above read and from all of my knowledge, we can discuss the differences and make you comfortable understanding both of them. As I mentioned above, the Corona Kavach health insurance policy will cover healthcare expenses if the policyholder is infected by the coronavirus.

This policy mostly covers all the expenses related to CVA-19, like hospitalization charges, room rent, etc. However, remember that this policy only covers expenses related to treatment, and anything else is not covered.

Now, let’s discuss the Corona Rakshak Health Insurance policy I mentioned above. This one is based on a benefit-based policy that covers almost 100% of the insured amount. After the payment of the benefit, this policy is closed. If you depend on house expenses, I’ll recommend it to you.

The End | Thankyou, In thi.s Pandemic i saw many worst situations. It’s a humble request: if you can help anyone, then do that.

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