Coronavirus Health Insurance Policy: Know Its Benefits, Coverage, Exclusions & Tips to Buy

Coronavirus pandemic has brought out a difficult time for everyone. It has caused physical and mental stress. The need for a vaccine for the virus has increased the level of panic. Many people are affected and with the steady increase in the count of people affected, the virus has changed collective realities and lives. With that being said, for those who are infected, in case of hospitalization, it is proving to be an expensive proposition.

How Health Insurance Helps You

Coronavirus Health Insurance offers you a financial cover against all their medical expenses during the course of their treatment and recovery when you are affected by the virus. This covers the total expenditure incurred for the hospitalization and recovery of the policyholder and the members included. These policies have a waiting period of 16 days before it comes into effect from the date of buy. The insurance policy is available for all members between 3 months and 65 years of age during the start of the plan.

The policyholder should be 18 years old and dependent children should not be more than 25 years of their age. COVID-19 policy is currently available for a period of one year with no pre-policy health check-up.  Also, the premiums paid for the policies can be used for tax deductions.

Benefits of Coronavirus Health Insurance

The health insurance offers a huge amount of money on the diagnosis of COVID-19 with a daily cash benefit for every 24 hours of hospitalization or quarantine completed. The cover also takes charge of the impact of the pandemic like loss of jobs and provides adequate cover i.e., 50% of the base sum insured up to a period of three months maximum. This policy does not just offer protection for just the policyholder, but also the immediate and dependent members of the policyholder.

What does the policy not cover?

As mentioned above, Health Insurance for COVID-19cover any charge made during the waiting period i.e., the first 16 days from the date of commencement of the policy. The policy will not provide coverage if the policyholder gets themselves tested in an unauthorized centre, OPD patients, or gets diagnosed and treated outside India. Also, the policy does not include any member who was tested positive or had an episode of COVID-19 in the past.

These days, lots of insurance Companies have started offering specific health insurance plans for Covid-19. Most of the health insurance policies are designed to cover the hospitalization everyday expenditure of policyholders. Many health insurance plans are available from the day a policyholder tests positive. People should note that Covid-19 does not fall under pre-existing illness. If you have already got Covid-19 health insurance, you should recheck if their plans are complete and cover pre and post-hospitalization expenses.

Choosing the Right Health Insurance

Once you have decided to get a health insurance plan to protect yourself and your family, you should know that there are endless options, and choosing one from these can be a daunting task. In this situation, it is advisable to evaluate and buy health insurance policies from leading insurers and choose the one that best suits your needs.

Thus, you can get access to some best-in-class healthcare facilities at a wide range of network hospitals across India. Other family members like legally wedded spouses, dependent children, parents, and parents-in-law can be added as per requirement.

Conclusion

Health Insurance is one of the most effective solutions to deal with financial problems at the time of any uncertainty. If mask, sanitiser and social distancing help you prevent coronavirus, health insurance empowers you to avail the best treatment for COVID-19 without having to worry about expenses.

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