One can never foresee medical emergencies in one’s life. But one can certainly prepare oneself financially against unexpected health risks and future uncertainties any time by means of health insurance online. Though this is not the first event of a virus outbreak, yet Covid-19 came as an unimaginable and shocking health crisis for most of us; not just in India but also the world over. However, you might be wondering if your health insurance policy provides coverage against pandemic like novel Coronavirus. And if it does, you are unsure if there are any limitations to it.
Now that you are self-quarantined, you can calm all your anxieties with your health insurer or by using information online about your Indian health / life insurance policy. Keep check of all your policies and terms & conditions under each. While some companies assert that claim settlement process for COVID-19 patients remains the same; others proclaim to have already included clauses that do not cover pandemics/epidemics. Therefore, carefully read your policy for any exceptions to full claims - right from diagnostic tests to the case of coronavirus infection to hospitalization to medications to medical expenses post-discharge.
Keep yourself well-versed with circulars, notifications and directives issued by regulatory authority like Insurance Regulatory and Development Authority of India (IRDAI). In the first week of March, IRDAI came to your rescue in this dreadful time of Coronavirus infection. It has strictly directed Indian health insurance companies to speedily clear all bottlenecks in the way of payment of claims to COVID-19 patients. It has also advised insurance companies to create requirement-based products to cover cost of treatment and ease financial distress caused to COVID-19 patients.
Coronavirus is now spreading in India. While you discuss & analyse with your insurers on who would bear the cost of treatment as per relevant norms, it is best advised to stay safe. Strictly follow advisories issued by the government. It is duty of every citizen to contain the spread of Corona virus. It is paramount for the safety of one and all. Stay indoors and take excellent care of your personal hygiene. Right now, this is your best health insurance plan at hand against COVID-19 that will return maximum benefits. If you follow personal care regime now, both policy holder and insurance company would profit. A few days of containment; and China is back to work. Let’s enjoy the family time now and hope to return to work soon.