Coronavirus epidemic (COVID-19) has been in the headlines until now from its beginning. It has been a matter of immense problem for a populated country India, as the virus is affecting hundreds of Indians each day. It is important to keep in mind that, the virus has no cure until now as the vaccine is still under the process of implementation. Conversing regarding strategic planning, of adopting simple hygiene and social distancing activities, an appropriate health care policy is something that is very important in those circumstances.
This is why, in India, IRDAI has requested insurance providers to cover coronavirus infection. If you want to secure yourself with your loved ones and planning to buy COVID-19 health insurance, then it is suggested to consider a few things. So go through the article to figure out the confusion of what to consider before buying Covid-19 Health Policy.
1. Copayment Provision: Carefully study all the details of the plan and confirm with the insurance provider for any copayment clause in the policy. A copay is a fixed amount paid out for covered services by an insured. This is a standard component of many health care plans. Insurance providers often mandate co-payments for items such as hospital appointments or prescribed drugs. When you skip such a clause listed in your plan, then it is mandated for you to bear the amount thus the plan does not give you full coverage. So, to get full coverage, check for a coronavirus health insurance policy that has no co-payment provision at all.
2. Process for claiming settlement: Before you buy coronavirus insurance, keep yourself updated of a specific health insurance company's claim settlement process. Please ensure the procedure is fast and convenient. Or else, it may be difficult for you to raise claim request at the time of emergency.
3. Cashless facility: You must keep in mind that cashless treatment for COVID-19 can be availed only at the network hospitals of the insurer. And make sure that you are fully aware of the network hospitals an insurance provider has, until selecting any coronavirus health insurance plan. The insurance companies have been advised by IRDAI to confirm that hospitals strengthen cashless facilities for COVID-19 cases. If hospitals reject cashless claims and do not adhere to insurance agreements, if they do not, then action against the hospitals can be taken.
4. Carry a deep knowledge about the insurer: Before buying a COVID-19 health insurance plan it is recommended to know about the important things of the plan such as minimum and maximum sum insured, eligibility, claim process, incurred claim ratio of the insurer, policy tenure, expenses to be covered, hospitalization expenses, pre and post hospitalization, medication, test and consultation cover, in-patient hospitalization indemnity, ambulance, OPD and ICU fees, etc.
5. Additional services: Each insurer offers several additional services that offer the customers a better package. So, it is important to consider the value-added services offered by the insurer before investing in any coronavirus health insurance. Some add-on services that comes with COVID-19 health insurance are health assistance, chat/virtual consultation, teleconsultation, ambulance assistance, newborn baby cover and more.
6. Waiting period: The health insurance policies typically come with an initial waiting period of 30 days. The health insurance policies typically come with an initial 30-day delay period. It therefore signifies that the policyholder must wait 30 days to get cover for any treatment, except for emergencies such as accidents. The waiting period differs from insurer to insurer and is calculated from the date of the issuance of the policy.
7. Reimbursement: By signing for expense reimbursement. In this situation, the policyholder must first carry the responsibility of paying from his / her wallet for hospital costs. Afterwards, he or she can submit the required documents such as reports, receipts, etc. to reimburse the expenses.
8. Other things you must consider: Experts claim that if an individual already has an approved health insurance policy then the cover for COVID-19 disease will be included. Moreover, if a person buys a plan after infection, then he or she would not be able to seek treatment coverage in such situations.
About the Author
Vipul Das is writing Business and Finance related articles over the years for goodreturns. He has done BCA and has significant experience in the banking and finance sectors.