With the number of COVID-19 cases increasing day by day, having a health insurance policy to deal with the expenses of treating this disease is imperative.
Read on to understand whether you should buy a Coronavirus Specific Mediclaim policy.
The outbreak of the COVID-19 has compelled the need for buying a health insurance. People are now realizing how important it is to stay financially secure if an emergency health issue arises. In fact, the Insurance Regulatory and Development Authority of India had passed a notification to all the insurance companies to provide a Standard COVID-19 health insurance plan. With a minimum sum insured of Rs. 50,000, various health insurance providers have come up with insurance plans that would be a one-year indemnity plan.
What is Coronavirus Specific Mediclaim Policy?
This indemnity plan is a one-year policy with only two add-ons available. The coverage will include the expenses incurred during the treatment of COVID-19.
The plan will cover expenses incurred on boarding, room rent, nursing expenses, which will account for 2% of the sum insured. Additionally, it will also cover the doctor’s consultation fees, specialist fees, blood, oxygen, and other such expenses.
Any charges incurred 30 days prior and post hospitalisation is also covered in the COVID-19 insurance policy. Expenses arising due to AYUSH treatments and day care treatments are also covered in the health plan.
What add-ons can you get?
A policyholder has the option to purchase two add-ons, quarantine cover and daily cash for hospitalisation. In case the insured person is diagnosed with coronavirus, the insurer will pay him a maximum of Rs. 3,000 per day as either hospitalisation cover or quarantine cover.
Will the COVID-19 medical insurance benefit you?
COVID-19 health plans can be claimed only if the person is detected with coronavirus. The cover cannot be claimed for any other health ailments. But insurance providers like HDFC ERGO allow coverage for COVID-19 expenses in their basic health insurance plans. Therefore, if you already have a health insurance plan, then it is not advisable to go for a separate COVID-19 Mediclaim policy.
Your existing health insurance plan covers all the pre and post hospitalisation charges, including the expenses of treating COVID-19. However, if you do not have any health insurance policy, then it is necessary to purchase a Mediclaim Policy for COVID-19.
One can use the amount for discretion as most of these plans provide a lump sum on diagnosis of the insurance. But if you are seeking for intensive care and isolation ward, then you will only receive a cover amount up to a specific limit.
A few plans provide almost half of the sum assured for quarantine while others cover expenses incurred at government or military hospitals and not in any nursing homes or at home.
In case you are admitted to a private hospital, and you need a ventilator, then the per-day cost could range up to Rs. 30,000, which you will have to pay from your pocket.
Therefore, having a COVID-19 health insurance plan is only beneficial in case you do not have any health insurance plan.
