Everything About Coronavirus Health Insurance

The novel coronavirus has severely affected the entire world within a time of few months claiming the lives of lakhs of people already. The disease is associated with critical respiratory illness affecting the kidney, lungs, and other organs. Since it is a novel virus, research is still going on to understand its effects on the human body.People worldwide are currently facing job losses, pay cuts, and other financial issues due to this contagious disease. In such a situation, any medical emergency due to coronavirus can increase your financial burden even more. Health insurance that covers illness due to coronavirus can be a great support in such times. It gives you the freedom to avail of quality healthcare services for the best treatment.Let’s understand more about corona health insurance..

Coronavirus, the highly contagious disease is growing rapidly in India, creating anxiety among people. But we need to stay strong during these testing times and keep ourselves safe as far as possible. The key here is to take precautions and to prepare ourselves for any adverse situation well.Coronavirus health insurance can help you to prepare in advance for any medical emergencies occurring due to coronavirus. Nowadays, when we need to keep a check on our finances amid this pandemic situation, the financial support for hospitalisation and other medical expenses is very much needed.

Amid so much uncertainty and panic around the world, an assurance that all your medical expenses will be taken care of in case of illness is critical. It can help you to assure quality treatment for yourself and your loved ones, in case of emergencies.

With the rapid spread of the coronavirus, a normal life and work routine has become a thing of the past. People are apprehensive about the behaviour of the virus, its effects, and the available treatments. Also, there is a state of confusion in regard to the health insurance coverage for the novel coronavirus with new and existing policies. Let’s try to understand this better:

As per the insurance experts, if a person gets infected while already holding a policy, he/she is liable to get all the benefits as per the policy. However, you cannot opt for a policy after getting infected to avail of its benefits. If you purchase the policy after getting infected with coronavirus, it can be useful for you in case of any illness in the future and not the current one.In case you are not holding any health insurance policy but wish to opt for one during the pandemic times, there are some important facts to be kept in mind :

While you can still purchase a health insurance policy to safeguard yourself and your family from any illness related to the coronavirus, you must be aware of the below facts:

• Insured Amount Coronavirus is a new disease and we are still to discover its ill-effects in detail. Also, the treatment is basically focused on managing the symptoms and discomforts the patient is facing. The treatment may be costly if you consider quality healthcare, considering the fact that the medical and healthcare system is already exhausted. Hence, you must go for an insured sum that is considerably higher.
• The extent of Coverage As per the current trends, coronavirus may require a wide range of medical expenses related to pre-hospitalization, during and post-hospitalization, ambulance, ICU charges, etc. Make sure that coverage included in the policy is wider so that you can avail of the complete benefits of a policy.
• Waiting Period A waiting period is associated with every medical or health insurance, which is generally that of 30 days. The significance of the waiting period is that no claim can be made for a treatment you have undergone within 30 days of starting the policy, apart from accidental emergencies.

Few of the insurance providers such as Aditya Birla Capital have reduced the waiting time from 30 days to 15 days for the treatment of COVID-19 patients. This has been done to provide better support to the patients without any further delay. You must keep this factor in mind while choosing a Learn more about different Health Insurance Plans here.
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If you, as a holder of the health insurance policy gets infected by the coronavirus, there are two ways to claim your benefits as per the policy:

• Claim Reimbursement In this case, you can bear the expenses of hospitalisation, medicines, etc., by yourself and claim for the expenses later on within the said time period. You need to submit the original bills, prescriptions, and other records to prove your claims. If the supporting documents are proper and complete, the amount is reimbursed pretty soon.
• Cashless Medical Services Under cashless treatment, the insured can avail the treatment through any of the hospitals tied up with the insurance company. In such cases, the insured need not pay any amount to the hospital. The bills are paid directly by the insurer as per the terms and conditions of the policy. Cashless treatment is more convenient, but you must keep a record of the hospitals where your insurance company provides this facility. However, do note, you may still have to pay for expenses that are not covered under the policy terms.

As it is said that “Tough times never last but tough people do”, we need to be mentally strong, physically fit, and financially prepared to face any adversities. Protecting yourself and your loved ones with a health insurance policy is the best way to financially secure yourself and your family from any financial setback due to any illness, including coronavirus.

The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.