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List of Insurance Options Covering Coronavirus (Covid-19)

Considering the financial strain one could face during this pandemic situation while treating Covid-19, having a specific health insurance policy becomes the need of the hour!

Coronavirus health insurance is an insurance policy that will assist an individual by covering expenses of hospitalisation, including both in-patient and out-patient expenses that get incurred if the individual insured is infected by Coronavirus. Moreover, it also covers for an insured person's travel expenses or ambulance fees. Providing assured financial support, it is now a must to insure oneself and one's family members through a health insurance, especially during this pandemic. Various premier insurance companies are offering insurance policies with the coverage for COVID-19 with zero waiting period.

The policy will be activated from the moment an insured person gets diagnosed with Coronavirus. As this virus is novel, it is counted with pre-existing medical illnesses. So, it will be a wise decision for anybody to opt for a Coronavirus Health Insurance Policy as a safety net.

What is Coronavirus Health Insurance Policy?

In view of the global pandemic like Covid-19 and to provide financial assistance to fight against the virus without compromising on healthcare services, the IRDAI has made it mandatory for all general and health insurance providers to offer a standalone health insurance policy covering Covid-19.

It insures a patient of Coronavirus with financial support that covers all hospital expenses. The plan begins from the moment an insured person gets affected and begins his or her treatment.

Features and Benefits of Coronavirus Health Insurance

There are many ways by which a Coronavirus health insurance policy turns out to be beneficial:

  • It helps in providing financial support to an individual and his family members during a medical crisis
  • It also helps in availing tax deductions under section 80D of the Income Tax Act, 1961.
  • It covers expenses which include in-patient hospitalisations, pre-hospitalisation, day care procedures, critical illness, and accidental hospitalisations
  • There is no waiting period for Coronavirus Health Insurance. As it is a new virus, it is not categorized into any pre-existing groups of illnesses. Hence, the insurance is considered effective as soon as an insured person undergoes treatment
  • It enables cashless options and ensures a holistic approach to treatment
  • Coverage of transport expenses like ambulance charges
  • Provision of no claim bonus
  • The facility of online purchasing of Coronavirus Health Insurance Policy
  • Online renewal options

However, the following factors are not supported by these health insurance plans:

  • Home Quarantine
  • Non-recognized quarantine centre expenses
  • Pre-existing illnesses other than COVID-19, as the former is subject to a waiting period
  • Hospitalisation without Doctor's approval 

How to Buy Coronavirus Health Insurance?

There are various ways through which you can apply for your choice of the plan as given in the following:

  • You may contact a broker/agent/assister to help them get a suitable Coronavirus health insurance policy
  • Get it online on the official website of the insurer you wish to get the insurance from.
  • Contact the company's customer support to enrol through phone.
  • Fill up the necessary forms of the policy and mail it to the official address of the insurer. 

Things to Consider While Buying the Coronavirus Health Insurance Plan

Health insurance plans must be bought by ensuring proper analysis and comparison of various factors. Moreover, it should also be at par with one's needs and requirements when it comes to health. Therefore, one should always base their choice on the following factors:

  • Choose the plan that seems like it covers your primary requirements.
  • Compare various policies and their premium charges.
  • Choose a policy that ensures transparent dealings.
  • Analyse the terms and conditions of the policy you choose.
  • Size of a floater plan is essential if one wants his/her whole family's safety. Different policies offer different floater sizes. Choose the one that you think is suited for you.
  • Some insurance policies require their customer to co-pay the expenses when they undertake treatment from external facilities. So, it is essential to check the co-payment clauses to ensure that you are well-prepared to take up the strain if it ever comes to that.
  • Choosing a policy having a higher Incurred Claim Ratio is preferred.
  • Check the procedure of renewing the chosen plan and make sure it is hassle-free.
  • Companies offering health insurance portability should be preferred.

FAQs

  • Q1. Does my current health insurance provide coverage for COVID-19?

    A1. Yes, every health insurance is providing financial coverage for the COVID-19 pandemic. Moreover, it would not incorporate any waiting period.

  • Q2. How to buy Coronavirus Health Insurance plans online?

    A2. Purchasing health insurance online is simple. All you need to do is choose your choice of plan, provide the required details and pay the premium. The insurance document will then be sent to your email address.

  • Q3. Is there any coverage for home care expenses?

    A3. Usually, Home Quarantine expenses are not covered by health insurance plans. However, if it is approved or recommended by a doctor, then some insurance companies do provide cover for the same.

  • Q4. Is Coronavirus Health Insurance Plans available in India?

    A4. Yes, all health insurance plans in India are providing financial coverage for Coronavirus patients in India. Thus, it is recommended to sign up for one as soon as possible. As our nation still has a long way to go to completely eradicate this pandemic, thus it becomes our duty to stay protected and prepared.

  • Q5. What is an Incurred Claim Ratio?

    A5. Incurred Claim Ratio (ICR) is the net claim that is paid by an insurance company against the premium earned. That is,

    Incurred Claim Ratio = Net Claims incurred/ Net Premiums earned

  • Q6. What is a good Claim Ratio?

    A6. Health Insurance companies that possess an Incurred Claim Ratio between 75%-90% are known to have good Claim Ratio. It indicates that the company is making profits and is capable of meeting the expectations of its clients through the offering of quality service.

  • Q7. Can I include my family members in my Insurance?

    A7. Of course, insurance companies offer various floater options, which provides support for the insured person and the family members he/she registers.

  • Q8. What does Coronavirus Health Insurance cover?

    A8. Health insurances for Coronavirus cover both pre and post-hospitalisation expenses, traveling expenses, and necessary adjacent medical expenses. It ensures that the insured patient does not fall behind from getting optimum medical support. It also helps in removing any financial strain during a time of medical crisis. No matter how great a crisis arrives, if one invests in health insurance, he/she will always be protected from its adverse effects.

Written By: Paisawiki - Updated: 22 September 2020

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