Given the severity of the Covid-19 pandemic, it is of utmost priority to invest in a well being insurance coverage cover, renew and overview the current policy, take a leading-up cover and retain in thoughts the fine print of the policy relating to waiting period, exclusions and rejection of claims. A well being insurance coverage policy, like brief-term Covid certain covers—Corona Kavach and Corona Rakshak—will not only guarantee monetary protection in case of a health-related emergency due to Covid but will also give peace of thoughts to the policyholder and his dependents.
Health covers: Various selections
While it is perfect to have a extensive well being insurance coverage cover, one can opt for common well being insurance coverage policy or a brief-term Covid certain cover. The common well being insurance coverage Arogya Sanjeevani is supplied by all basic and standalone well being insurance coverage firms. The minimum entry age is 18 years and the maximum is 65 years and the policy can be renewed for life. In this policy, the maximum coverage is up to Rs 5 lakh and it has a sub-limit on the area rent. It covers hospitalisation fees for Covid therapy.
Corona Kavach Policy, an indemnity-based program, covers hospitalisation, pre-post hospitalisation, home care therapy expenditures and Ayush therapy for Covid patients. All hospitalisation expenditures such as private protection gear (PPE) kits, oxygen, ventilators, and consultation costs will be covered. It also covers home care expenditures. Pre and post hospitalisation expenses—15 days prior to hospitalisation and up to 30 days following discharge— are also covered. One can invest in it for a period of 3.5 months, 6.5 months or 9.5 months and can renew it. The sum insured is Rs 50,000-Rs 5 lakh. A policyholder can opt for cashless claim at a network hospital or reimbursement claims at a non-network hospital.
Corona Rakshak Health Insurance Plan, a advantage-based program, gives a lump sum payout if you call for hospitalisation for Covid. The lump sum payout can be used to meet the health-related demands. The sum insured is Rs 50,000-Rs 2.5 lakh. The period of the coverage will be for 3.5 months, 6.6 months and 9.5 months.
Experts say the lump sum received beneath Corona Rakshak can be used to spend for consumables such as PPE kits which are commonly not covered in a common well being insurance coverage program. While Corona Rakshak Policy gives person coverage, Corona Kavach Policy has a household floater program. Given the rising health-related fees, go for a extensive well being insurance coverage cover, overview the sum assured based on family’s health-related demands and invest in a leading-up cover.
In any normal well being insurance coverage policy, look for any clause of sub-limits or co-payments as numerous insurers impose specific restrictions to retain the premium low. For instance, if there is a sub-limit of 1% of the sum insured on area rent in case of hospitalisation, then for a sum insured of Rs 10 lakh, you can claim a maximum of Rs 10,000 towards area rent. Also look at plans with no such sub-limits.
Waiting periods & claim rejection
In a normal well being insurance coverage policy, Covid hospitalisation is covered following 30 days of the initial waiting period. For brief-term Covid certain covers, waiting period is 15 days. So, no Covid claims made inside the waiting period will be cleared.
While Covid is not covered beneath day care therapy, you can claim revenue if hospitalised. One can even go for claims if quarantined and treated at home, supplied it is payable beneath the policy’s terms and situations. As hospitalisation is not essential for mild Covid, insurers can reject the claim if hospitalisation was not performed according to the ICMR/AIIMS clinical norms. Take consent from the insurance coverage corporation by way of the third-party administrator for Covid-connected hospitalisation in case of moderate to serious illness.
While insurers have to communicate cashless approvals inside 60 minutes of receipt of authorisation request along with other particulars from the hospital, for reimbursement claims one need to guarantee that the claims type incorporate discharge summaries, test reports, bills, prescriptions, and so forth., for more rapidly claims payment.