Coronavirus Specific Health Insurance Plans: Should You opt for It If You Already Have A Medical Policy?
With the rising number of COVID cases and expenses met for treating this deadly disease, people are confused about whether to buy a corona specific health insurance if they already have a medical policy. In case you already have a health insurance plan, it is not necessary to opt for a coronavirus specific health insurance plan as your existing health plan would cover the expenses.
To deal with the pandemic, the government has already enforced necessary steps like compulsory masks in public, social distancing, and no public gathering. Amongst these, one such action taken by the IRDA is to provide basic health insurance plans at the lowest rate to people.
What does a coronavirus Mediclaim policy offer?
The coronavirus health insurance is an indemnity plan that has two add-ons available. It covers all the expenses incurred during hospitalisation and treatment of Coronavirus. All the costs of hospitalisation from room rent to nursing expenses, are covered in the policy. It also covers all the expenses related to doctor fees and ICU charges, including blood, oxygen, and diagnostic imaging modalities.
Other than this, any expenses incurred 30 days prior and 30 days after the hospitalisation is also covered in the policy. The policy also covers expenses incurred for Ayush treatment and all-day care expenses.
However, there are few exclusions to this policy as it can be claimed for expenses incurred only in the treatment of COVID-19. The policy is invalid in case of any other health ailments.
So those who already have a health insurance plan need not go for a separate health insurance plan for Corona unless they want a greater coverage and do not wish to claim from their existing policy.
If your existing health insurance plans cover the pre-hospitalisation and post-hospitalisation expenses, the same can be claimed in Coronavirus treatment.
What are the situations when your existing health insurance plan does not work?
If you have purchased a health insurance plan with a pre-existing respiratory problem, in such a case, your claim would be rejected by the insurance providers. But in such cases, neither your health insurance plan nor coronavirus health insurance plans cover the expenses.
Also, other factors are:
- If you have a travel history
- You are suffering from any pre-existing disease such as flu, cold, or asthma
- If you have been tested positive during the waiting period
- If you are under home quarantine
- If you have been hospitalised for less than 24 hours
- If you are hospitalised without the doctor’s recommendation
How can you claim your health insurance for Coronavirus?
You can claim your expenses either through Cashless claims or reimbursement claims.
Cashless claims– In case the treatment is undertaken in any of the network hospitals, you can claim for the cashless treatment facilities. Here the insurance company directly settles the bills with the hospital, and you would not need to pay any cash.
Reimbursement Claims – If your treatment is undertaken in any other hospitals other than the network hospitals, you would need to pay the bills first and later settle the claims with your insurance provider.
Thus, it is evident that if you already have a health insurance policy, it is not required to have a coronavirus Health insurance plan.