The novel Coronavirus (COVID-19) is declared as pandemic on March 11, 2020 by the World Health Organization (WHO). Now as of March 31 – 2020, this pandemic spread around the world in more than 190 countries. Most of the countries are lockdown. No one is going out for any reason as every person is so scared. In these days, the Coronavirus is on top of everyone’s mind now. Because the condition is not good and not in control, in this chaos, there are so many questions and confusions around about our health insurance policy. So let us see whether your health insurance policy covers the Coronavirus ailment or not.
1. Does your health insurance policy cover Coronavirus-related ailments:
Yes, your health insurance policy covers Coronavirus-related ailments. Any person who is hospitalized due to coronavirus and takes treatment will be covered as any other illness. The subsequent claims will be processed as per regular norms. The Insurance Regulatory Development Authority of India (IRDAI), in a circular issued earlier this month, said coronavirus treatment would be covered like any other illness “under products where hospitalisation is covered”. For all policies covering the disease, the regulator also directed the companies to cover the cost of admissible expenses, including treatment during quarantine period. This applies to both individual and group health insurance policies.
2. If the disease is declared as epidemic/pandemic than:
If any disease is declared as an epidemic or pandemic by the WHO or Indian government, or both, then claims might not be payable as such claims are excluded under many health insurance policies.
3. Is testing for Coronavirus covered by the insurance policy:
No, testing expenses are not covered by regular health insurance policies, unless there is a linked hospitalization for treatment. Only if the patient is tested positive and later hospitalized, will the diagnostic expenses be covered by the pre-hospitalization extension; otherwise diagnostic costs are excluded.
4. If you contract the disease within the policy waiting period:
A waiting period is a pre-fixed time period starting from the date of purchase of the policy. Coverage of many diseases starts only after this waiting period is over in most health insurance policies. If you contracted the disease within the policy waiting period, you will not get claim filed for treatment of any disease.
5. Do I have to pay extra for coverage of Coronavirus within my existing health insurance:
No, there is no extra charge for the coverage of Coronavirus.
6. If you or your family member recently travelled to Coronavirus affected countries:
In the case, you will be covered under regular indemnity health insurance policy as long as you are being quarantined in India.
7. Are there special Coronavirus health insurance plans available:
Yes, there are many insurance providers who are providing health insurance plan specially for Coronavirus. Some insurance providers are offering group plans for Coronavirus specific coverage. Companies can buy these plans for their employees.
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