Will COVID-19 Vaccine Be Covered Under Health Insurance Plans?

The COVID-19 pandemic has infected millions of people worldwide and has claimed several lives. To fight the disease, many people are investing in a health insurance policy . According to the industry experts, insurance companies are flooded with queries about a health insurance policy every day. The most common questions include –

• Will my existing health insurance policy cover the COVID-19 infection treatment cost?
• Will the COVID-19 vaccine cost be covered under my healthcare plan?
• What is the average COVID-19 treatment cost?
• What is the waiting period for coronavirus treatment?
• What is the maximum coverage offered for COVID-19 treatment?
• Do I have to pay an additional premium to get coverage against COVID-19?

To help the people during such a crisis, the insurance regulating body, IRDA (Insurance Regulatory and Development Authority), has introduced various rules and regulations.First and foremost, the IRDA launched two short-term Coronavirus-specific insurance plans – The Corona Kavach Plan and Corona Rakshak Plan. The regulator also issued a mandate to all the insurance companies in India to cover COVID-19 infection treatment costs under the existing health insurance policy.If you don’t have an existing health policy, you can purchase a new plan to get coverage not just against COVID-19 but other illnesses as well. However, before buying a policy, you must be aware of two critical things. First, you won’t be issued a policy if you are already tested positive for COVID-19. Second, after buying a policy, you must wait till the waiting period is over before filing a claim for coronavirus. The waiting period may range from 15 – 60 days.If you wonder if the COVID-19 test cost will be covered under your health insurance policy, there is good news in store for you. Most insurance companies cover the testing cost as part of the pre-hospitalisation expenses.Now, the most crucial question – will the COVID-19 vaccine be covered? The answer is NO. Since vaccines are generally preventive in nature, these are not covered under the standard health insurance policies. However, if your plan has an OPD cover, then the vaccine cost may be covered under the same. Ensure that you read the terms and conditions carefully while buying the policy and check what costs are included under the ‘OPD coverage’ head.

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.