The COVID-19 pandemic has infected millions of people today across the globe, with a 2 per cent fatality price and an raise in numbers each and every hour. To fight the illness, most people today have began opting for insurance coverage policies. According to market authorities, insurers have also been flooded with queries with regards to insurance coverage policies from anxious consumers, such as attempting to know the coverage presented, the waiting period, if any, the expense implications, the claim approach, and so forth. To aid consumers for the duration of such a time, the insurance coverage regulator has also introduced several guidelines and regulations.
Mayank Bathwal, CEO, Aditya Birla Health Insurance, says, “The regulator has enabled the launch of standard short-term Covid covers that can provide indemnity or fixed benefit covers for Covid infection and hospitalization including home and alternate forms of treatment.” In an exclusive interview with Priyadarshini Maji, he addresses several insurance coverage-connected queries faced by policyholders.
1. Will a Regular Health Insurance Policy supply Coverage against COVID-19?
As per the recommendations of the regulator, Insurance Regulatory and Development Authority of India (IRDAI), all overall health and common overall health insurance coverage corporations are needed to cover COVID-19 related hospitalization claims beneath standard overall health insurance coverage indemnity plans. For instance, an person who has an active overall health insurance coverage policy can file a claim for coronavirus hospitalization, beneath his/her policy.
The regulator has also enabled the launch of common brief-term Covid covers that can supply indemnity or fixed advantage covers for Covid infection and hospitalization such as Home and Alternate types of therapy beneath AYUSH.
2. Could you obtain a new policy now to cover COVID-19, if you do not have a overall health insurance coverage policy?
Yes, you can absolutely obtain a new overall health insurance coverage policy to cover your self not only against COVID-19 but all other infirmities as properly. However, prior to buying a policy you ought to be properly conscious of two vital elements. First, you or your instant loved ones members will not be issued a policy if you are currently suffering from the COVID-19 infection. It is vital to guarantee that prior to buying a policy, you are not suffering from any such illness. Second, following buying the policy, you want to serve the waiting period prior to filing a claim for coronavirus infection.
3. Will the test for COVID get covered in the policy?
Insurers will cover COVID-connected tests as aspect of pre-hospitalization costs beneath standard, indemnity-primarily based overall health policies if you get hospitalized for the therapy of COVID-19 following getting tested positive. This will be topic to specific circumstances.
4. Will the COVID-19 vaccine be covered beneath the overall health insurance coverage policy?
Vaccines are commonly preventive in nature, and these are not covered in standard policies as they do not qualify as therapy procedures. However, really should your program have an OPD cover, then the vaccine expense would be covered beneath the exact same.
5. What is the typical expense of the therapy of COVID-19?
The total expense of therapy of coronavirus infection is dependent on various things such as the severity of the infection, option of hospital, and also the age of the patient. For an typical adult aged among 30 and 45 years taking therapy at a regular private hospital, the expense of therapy is around Rs 1 to Rs 2 lakh.
However, if the patient is a senior citizen i.e. above 55 years of age and the infection is serious (as senior citizens are far more vulnerable), the expense of therapy escalates up to Rs 3 to Rs 4 lakh as the particular person may possibly need ventilator assistance and Intensive Care Unit exactly where the each day charges are comparatively larger.