Our world is filled with high risks and uncertainties. Just one unexpected event of hospitalization is enough to wipe out years of savings. Basically health insurance provide cover for hospitalization expenses incurred due to illness/sickness/disease and accidental injuries. With the recent corona virus (COVID-19) outbreak expected to affect more than 50% of the world population, the need for health insurance becomes all the more important.
Considering this pandemic situation, the Insurance Regulatory Authority of India (IRDAI) mandated that all health insurance products covering treatment costs of hospitalization, offered by all general and health insurance companies, should cover the costs of hospitalization treatment for COVID-19 on Apri’2020. If you are having health insurance previously means it will cover the cost of covid-19 treatment. More insurance companies said that the policy will cover the expenses of pre hospitalization charge, consultation charge, diagnostics cover when the insured person is tested as positive. ICU charges are covered upto your insurance limit. Quarantine related expenses also covered but only at registered centers.
If you buy a health insurance after you are tested positive for covid-19 will not be able to claim. Pre hospitalization charges not covered. A person who are in waiting period will not get the benefit of covid-19 cover. Also, if you are having a health insurance for specific disease like cancer, critical illness, etc, they will not cover covid-19 treatment.
Apart from knowing every conditions in health insurance, everyone should know about the basis advantages in taking health insurance. Health insurance normally covers the hospitalization expenses like Room rent weather it may be standard room or Ac room. This is charged by a hospital for the occupancy of the bed. Insurance will cover Surgeon, Medical practitioner, consultants and specialist fees also.
Blood, Operation theatre charges, surgical appliances, medicines and drugs, diagnostic materials and x-ray, dialysis and similar expenses are also covered in health insurance. Emergency Ambulance charges also cover in health insurance. But there is a limit of cost depends upon the sum insured. Most useful cover in the health insurance is pre hospitalization and post hospitalization cover. This will help in reducing the medical expenses like medical tests, medicines, doctor fees, etc.
However, health insurance also cover expenses of delivery (Both normal and caesarean). This will cover only the husband and wife are covered in the policy. For maternity cover, there is some waiting period. It will be fixed by the insurance companies. Expenses incurred towards health checkup is covered in insurance up to the given limit. Some benefits are subject to a waiting period. So one should compare the plans and select the minimum waiting period to able to claim in hospital emergency time.
A baby born during the policy period will also cover in the policy. Domiciliary hospitalization cover is available in health insurance. Preexisting diseases are covered only when subject to a waiting period of 3 to 4 years from the date of first commencement of the policy. If you don’t have health insurance cover, you have to get one at the earliest. The Ministry of Home Affairs has made it mandatory for all employers to provide health insurance to its employees as and when they resume operations.
In this condition, IRDA asks insurer t offer corona standard policy by July 10th. But soon IRDA will issue a new insurance product which specifically cover covid-19. Covid-19 policy will come with minimum of 25,000 and maximum of 5,00,000 sum insured. The premium may depend upon selecting the sum insured. This policy will cover the room rent charges, nursing charges, ICU charges, consulting fee, etc. This policy will be very much cost-effective for the people who are not afford to take comprehensive health insurance policy. If you are interested in taking health insurance, we are always recommend to get several quotes from different insurance companies. So you can compare the coverage and cost. Call us at +91 86080 34444 to get best quotes or visit: thebestinsurance.in
