Is Coronavirus Covered by Your Existing Health Insurance Policy? | Niva Bupa

Is Coronavirus Covered by Your Existing Health Insurance Policy?

The world has been grappling with the coronavirus pandemic. India is among the worst hit nations, with numbers rising every day. Living in a world with Covid-19 has now become part of the ‘new normal’ and one question that is on everyone’s minds is: how do we deal with it? One way to do so apart from following guidelines like masking, handwashing and social distancing, is by buying a comprehensive health insurance plan.

The benefits of buying health insurance plans are already well-documented, considering rising medical expenses and a proportionate increase in the number of lifestyle-related medical ailments. In the times of a pandemic, health insurance becomes all the more important. Reports suggest that those with comorbidities such as diabetes, hypertension, kidney disease or cardiovascular ailments, apart from cancer and other critical illnesses are at greater risk of contracting coronavirus. Reports also note that senior citizens are more vulnerable to the pandemic.

Understand if your Health Insurance covers Coronavirus or Covid-19 

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that general and health insurance companies offer coronavirus coverage in their existing policies. As early as March 4, the IRDAI had issued a circular directing health insurance firms to include medical cover for Covid XE Variant, irrespective of what policy a consumer owns (*). 

If you have already have a health insurance policy, it helps to take note of the following:

●        The standard waiting period of 30 days applies in case of a Niva Bupa hospitalisation plan.

●        The claims process for coronavirus is along the same lines as any other condition or disease.

●        Both pre and post hospitalisation expenses are also covered under the terms of the policy you have chosen.

However, in addition to that, the IRDAI has also recently issued guidelines with specific reference to the Covid-19 health insurance policies. This plan, called Corona Kavach for individual and family specific needs, has been offered to health insurance firms. The IRDAI had earlier advised all insurance firms to accept any claims with respect to covid-19 expenses. This means that your existing health insurance plan will offer cover for coronavirus-related medical expenses.

Although the IRDAI states that all existing health insurance plans in India need to offer coronavirus coverage, it helps to look at Corona Kavach plan and understand what the policy is all about and opt for it so you feel secure in these uncertain and trying times.

What are the elements of Corona Kavach Health Insurance Plan?

Much like other individual health insurance plans, even the coronavirus policy has a specific plan for individuals. Accordingly, Corona Kavach for individual plan provides coverage for hospitalisation, pre-and-post hospitalisation, home care treatment and treatment of co-morbidities. Treatment provided as part of Ayurveda, Siddha, Homoeopathy and Unani (as part of Ayush) are also covered as part of this plan, and the coverage is up to sum insured. Another benefit of Corona Kavach is that home care treatment, wherein any treatment availed by the insured at home for having tested positive for Covid-19 is also covered. In such a case, the patient is advised to undergo home treatment, which is constantly monitored by a health practitioner. The daily monitoring should include treatment details and has to be signed by the doctor who is treating the insured.

Cover is available for Corona Kavach for family and individuals for up to Rs 5 lakh for tenures of  3.5, 6.5 and 9.5 months. The family policy covers up to two adults and four children.

Points to consider while buying health insurance

It helps to keep in mind some tips to buy health insurance. Look for one of the family health insurance plans so that your loved ones’ future is secure. This is because if one person in a family contracts the virus the rest of the family is at risk. Also, if you have an existing policy that covers OPD expenses, it would be useful because many people may be asymptomatic or mild symptoms and home treatment may be prescribed. Corona Kavach plan covers these expenses.

Also look for extra or add-on features that your policy offers. In the case of Corona Kavach, an add-on Hospital Cash feature allows you to get 0.5 per cent of sum insured as daily cash for 15 days maximum during the policy period. This may help you in your day-to-day medical expenses.

Summing up

Now that you know all about medical coverage for coronavirus-related treatment, it is time you opted for a policy if you already haven’t. In times such as these, it is always comforting to know that you have a protective shield around your loved ones.