Covid-19 Health Policies - What is covered and not covered

Title:
"Exploring COVID-19 Insurance Options: Your Financial Shield Amidst the Pandemic"

The relentless spread of the COVID-19 pandemic shows no sign of slowing down, affecting people in various unfortunate ways, from job loss to illness and even death. In such uncertain times, financial security can provide a small but crucial relief. Several insurance companies have introduced specialized health policies designed specifically to address the challenges posed by COVID-19. Let's take a closer look at these offerings:

Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy:
Star Health presents the Star Novel Coronavirus (nCoV) (COVID-19) Insurance Policy. This one-year policy is available to individuals aged between 18 and 65.

Key Features:

• Offers a sum assured of either ₹21,000 or ₹42,000 with premiums of ₹353 and ₹706, respectively.
• Provides coverage for a positive COVID-19 diagnosis, regardless of international travel history.
• Includes dependent children in the policy.
• Enforces a 16-day waiting period.
• Requires a diagnostic report from a government-authorized testing center for claims.

Exclusions:

• Individuals infected before or during the waiting period are not covered.

ICICI’s COVID 19 Protection Cover:
ICICI Lombard offers a business insurance plan that companies can utilize to safeguard their employees and their families. The sum assured and premium depend on the company's size and the number of employees and dependents.

Key Features:

• Diagnosis must be confirmed by a government-authorized laboratory.
• Eligible individuals are aged between 18 and 75.
• Coverage extends within India's geographical boundaries and is available to Indian nationals.
• Enforces a 14-day waiting period.

Exclusions:

• People already diagnosed with COVID-19.
• Individuals who have traveled abroad after December 31, 2019.

Arogya Sanjeevani:
The government has mandated coverage of COVID-19 under the Arogya Sanjeevani health Key Features:

insurance product, offered by all insurers.

• Indian nationals aged 18-65 can obtain health coverage ranging from ₹1,00,000 to ₹50,00,000.
• The premium is approximately ₹5,000.
• Covers various ailments, including those caused by the novel coronavirus.
• Also includes coverage for AYUSH treatments.
• However, it does not cover certain critical ailments and conditions such as maternity. To file a COVID-19-related claim, a diagnosis and 24-hour hospitalization are required.

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all insurance companies offer two standard COVID-19 health insurance policies, named 'Corona Rakshak' and 'Corona Kavach.' These policies were set to be launched on July 10.

Corona Rakshak:
This is a standard benefit-based health policy that individuals can acquire, with a sum assured ranging from ₹50,000 to ₹2,50,000. The premium is standardized across India. Hospitalization and related expenses for COVID-19 are covered based on the sum insured, provided the insured person is hospitalized for at least 72 hours after testing positive. The waiting period is 15 days.

Corona Kavach:
An indemnity policy offering a sum assured between ₹50,000 and ₹5,00,000. A fixed amount is paid to the insured in the event of a COVID-19 claim, with the premium being consistent nationwide. This policy also covers home care treatment expenses for up to 14 days, provided there is active treatment based on a medical practitioner's advice. Additionally, it covers the treatment of related morbid conditions and offers a family floater plan option. The policy's tenure can range from 3.5 to 9.5 months, and it includes expenses related to ventilators and protective equipment for patients and medical personnel. The waiting period is 15 days.

Will Existing Health Insurance Cover COVID-related Ailments?
In general, regular health insurance policies should cover the costs incurred during COVID-19-related hospitalization. It's essential to check with your insurance provider for specific terms and conditions. For example, most health insurance plans offered by the Aditya Birla group cover hospitalization expenses due to the virus but may not cover related treatment expenses abroad or diagnostic tests for COVID-19.

Should You Purchase a COVID-19 Insurance Plan?
The decision to buy a COVID-19 insurance plan depends on your existing health coverage. If your current policy already covers hospitalization for COVID-19, there may be no need for a separate plan. However, COVID-19-specific policies may offer coverage for home quarantine-based treatments. Regular insurance plans are more comprehensive and can cover expenses related to ICU admission and intensive care. Keep in mind that some hospitals may not be certain if insurance companies will accept claims from COVID-19-specific insurance policies, especially for patients with pre-existing medical conditions like diabetes, leading to upfront payments.

In summary, COVID-19-specific coverage can be beneficial if you lack health insurance and are at a higher risk of contracting the virus, such as due to old age or being a medical professional. Regular plans offer coverage for a broader range of medical conditions, can be renewed indefinitely, and are portable across insurers. COVID-19-based insurance plans, on the other hand, have limitations in terms of coverage duration and specific medical conditions. Therefore, the choice should depend on your unique circumstances and requirements.

It's vital to protect yourself and your family financially against medical conditions. A comprehensive insurance policy that covers various ailments, offers medical check-ups, consultations, and cashless treatments with minimal waiting periods should be carefully considered.

Vidya Kumar Dilzer Consultants Pvt Ltd July 9, 2020