Things to Keep in Mind When Selecting a Health Insurance to Cover Coronavirus
The number of COVID-19 cases is increasing in India at an alarming rate. And whatever treatment we have available today can burn a hole in your pocket. In such a situation, people who have health insurance are worried about whether or not their existing policy will cover exorbitant treatment costs of coronavirus. And, insurance companies are also coming up with new policies focusing on providing coverage against COVID-19 treatment.
For instance, Max Bupa has come with a Corona Kavach plan that aims to provide financial protection against the expensive treatment of this virus. With different options out there, how will you choose the right health insurance plan? In this guide, we are highlighting some prominent factors that you need to consider while looking COVID-19 health insurance plan.
What is Covered?
People who have contracted COVID-19 infection and do not show any significant symptoms, do not need inpatient treatment. Generally, they need to do a diagnostic test and take basic medication while resting at their homes. These expenses are covered only in health insurance plans covering OPD or outpatient expenses.
The patients who need to be admitted to the hospital; their expenses would be covered under a majority of insurance products. Make sure you read the fine print thoroughly to see what all will be covered and ask the insurer how they treat claims for this pandemic disease.
While the Insurance Regulatory and Development Authority of India has guidelines on how coronavirus claims would be treated, they will only come to effect the end of 2020.
What is the Coverage Provided?
As we mentioned earlier, the treatment of coronavirus can be quite expensive. The coverage you will need depends on the severity of symptoms, the presence of other health complications, etc. Based on these factors, a single person may request a claim for over Rs. 5 lakh.
Additionally, there is also the probability of other people in the family contracting the virus. While getting insurance coverage, make sure you consider all the relevant facts and get health insurance that will be able to cover more than one person.
What is Room Rent Limit?
Room rent account for a major part of the cost involved in the COVID-19 cases, especially if the patient is being treated in a private hospital. Moreover, isolation facilities in many tertiary care hospitals cost higher in comparison to regular rooms. Often health insurance policies have certain room rent limit, either it is specific to room category or a certain amount of sum insured.
If your room charges go beyond a particular amount, there could be a reduction in the claim amount. This means that you will have to pay the remaining amount from your pocket. Look out for insurance products that do not have a room rent limit as with COVID-19 treatment you never know how long you will be in the hospital and what kind of room facility you will be provided. For instance, the Corona Kavach plan by Max Bupa covers all the pre and post medical expenses for you.
Many insurers are coming up with different products pertaining to COVID-19 treatment. Make sure you consider all the important factors before making the final decision.