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The growing importance of COVID insurance coverage cannot be stressed more. In these challenging times, it has become highly important to take precautions. In India, people from all backgrounds and age groups have now become sensitive and extra cautious about their health and fitness. COVID insurance coverage is not just a matter of benefit but a necessity being amidst a global pandemic. Let us know more about COVID insurance coverage.
Why is Covid Insurance Coverage Important?
As coronavirus is spreading all across the world, it is vital for all of us to take various health and safety measures to avoid infection, including self-isolation and social-distancing. But even all this cannot guarantee complete health security. One may have a medical crisis at any point, considering the current rate of COVID-19 cases. It is where opting for COVID 19 insurance coverage makes sense.
The increasing concern around inflation in the medical sector is worrying. All this triggers stress, especially in the working class, that calls for life insurance plans that also provide COVID-19 insurance coverage.
Importance of COVID-19 Insurance Coverage
While COVID-19 has made us learn many things, like hygiene considerations or social distancing, it has also made us realize that we should not ignore life/health insurance coverage any further. Every family needs it.
Amidst this chaos created by the novel Coronavirus, the health-conscious generation is doing all in their fitness routine that they think they need to keep fit and build immunity – from working out at home to meditating to going on morning walks.
While we all are working to keep ourselves mentally and physically healthy, there are chances of a financial emergency owing to the infectious disease. Having COVID insurance coverage by your side helps in dealing with such situations.
Given the current global health picture due to the Coronavirus outbreak, it has become imperative to encourage and enlighten people to gain a greater sense of control over their physical as well as financial health alike.
In current scenario an insurance coverage with COVID-19 cover would help dealing with medical contingencies that may result from getting infected by COVID-19.
As the recent outbreak of the virus spreads around the globe, the medical expenses associated with the testing and treatment are weighing on patients, especially those who are underinsured or uninsured. So, it is essential to be equipped with COVID-19 insurance coverage in advance by insuring yourself and your loved ones.
Depending on the type of policy chosen, COVID-19 insurance coverage takes care of the costs incurred on treatments arising out of Coronavirus infections and related ailments..
As the recent outbreak of the virus spreads around the globe, the medical expenses associated with the testing and treatment are weighing on patients, especially those who are underinsured or uninsured. So, it is essential to be equipped with COVID-19 insurance coverage in advance by insuring yourself and your loved ones.
Depending on the type of policy chosen, COVID-19 insurance coverage takes care of the costs incurred on treatments arising out of Coronavirus infections and related ailments.
COVID-19 Insurance Coverage in Detail
COVID-19 insurance coverage refers to the insurance policy that covers medical costs incurred towards the treatment of COVID-19. Coverage for COVID-19 insurance is designed to take care of the hospitalization expenses of the policyholder.
Also, you can get COVID-19 insurance coverage in the form of riders available with life insurance plans. It means you can avail the benefits of COVID-19 insurance by adding COVID-19 related rider to a life insurance policy at the time of purchase.
Since Coronavirus is a viral infection, most insurance policies pay off pre and post-hospitalization expenses along with in-patient and out-patient expenses on the COVID-19 treatment.
While looking for COVID-19 insurance coverage, remember that Coronavirus is a newly discovered virus. Hence, it does not come under the list of pre-existing health conditions.
So, you are advised to check policy details carefully at the time of opting for COVID-19 insurance coverage.
In times when we all are potentially facing financial problems, a medical emergency without any safety cushion can add to our problems. Staying prepared through efficient planning is a sensible idea to keep all worries at bay. So, choose COVID insurance coverage and ensure the well-being of your loved ones.
While looking for COVID-19 insurance coverage, remember that Coronavirus is a newly discovered virus. Hence, it does not come under the list of pre-existing health conditions.
So, you are advised to check policy details carefully at the time of opting for COVID-19 insurance coverage.
In times when we all are potentially facing financial problems, a medical emergency without any safety cushion can add to our problems. Staying prepared through efficient planning is a sensible idea to keep all worries at bay. So, choose COVID insurance coverage and ensure the well-being of your loved ones.
Below are some crucial facts to know while buying COVID insurance coverage-
Sum insured
COVID-19 is a disease where people having a weak immune system and the elderly are at higher risk. The COVID-19 insurance coverage is mostly focused on providing financial relief to the policyholder and his family in case the life insured is diagnosed or dies due to Covid 19.
Having COVID-19 insurance coverage with a high sum insured is advisable for everyone, especially considering the expensive healthcare costs.
Waiting Period
Most life/health insurance policies come with an initial waiting period of 30 days. It means that the policyholder must wait for 30 days to avail coverage for any treatment, excluding emergencies like accidents.
So, you should also check for the waiting period while opting for COVID-19 insurance coverage.
Coverage
COVID-19 insurance coverage provides a range of medical costs, including in-patient hospitalization, pre-hospitalization, post-hospitalization care. These benefits are generally offered for 60 days after discharge from hospital, ambulance, OPD and ICU charges. For more details about COVID insurance coverage, check the policy document.
Getting infected by Coronavirus is considered as a medical emergency. That is why COVID-19 insurance cover provides financial help for medical expenses for the treatment of Coronavirus.
You can get cover for the treatment and claim COVID-19 insurance coverage in any of the two ways as discussed below:
Cashless Treatment
You can apply for a claim under cashless COVID-19 insurance coverage if the procedure is availed in any of the network hospitals. It is beneficial as the insured need not make any payment. Instead, the insurer settles the expenses directly with the hospital, as per the COVID-19 insurance coverage terms.
Reimbursement
You can also file for reimbursement of medical expenses under COVID-19 insurance coverage. In this case, you have to first pay hospital bills from his/her pocket.
You can later submit the necessary documents like reports, invoices, etc. to get the expenses reimbursed as defined under the COVID insurance coverage documents.
Also Read: Documents Required for Term Insurance
Ensure Complete Financial Safety of Your Family
Choosing COVID-19 insurance coverage in these tough times has become the need of the hour. But you must conduct thorough research on not just the insurance products that offer COVID-19 insurance coverage, but also the claims ratio and customer service of the insurance company being considered.
Life insurance plans for COVID-19 insurance coverage are quite affordable. If you compare healthcare expenses, it is reasonable to invest in COVID-19 insurance coverage under our COVID rider while buying max life non linked policy But always remember, the premiums should not be the deciding factor. Your decision to get COVID-19 insurance coverage should be based on the fulfilment of your needs and track record of the insurer.
Times like these remind us of the significance of a comprehensive life insurance policy.
Life insurance plans for COVID-19 insurance coverage are quite affordable. If you compare healthcare expenses, it is reasonable to invest in COVID-19 insurance coverage under our COVID rider while buying max life non linked policy But always remember, the premiums should not be the deciding factor. Your decision to get COVID-19 insurance coverage should be based on the fulfilment of your needs and track record of the insurer.
Times like these remind us of the significance of a comprehensive life insurance policy.
Frequently Asked Questions (FAQs)
Q. Does COVID insurance coverage include home care, cashless and reimbursement facilities?
A. You can avail both cashless and reimbursement facilities for COVID insurance cover as per policy benefits Cashless facility is available only at registered network hospitals. However, facilities like homecare or related treatment expenses are not covered under the hospitalization benefit. For more details, check the policy details defining COVID insurance coverage.
Q. What Do I Get under COVID Insurance Coverage?
A. The COVID-19 insurance coverage includes hospitalization expenses for the treatment of the Coronavirus infection. Based on the chosen sum assured and other policy variables, COVID-19 insurance coverage includes in-patient care, ICU charges and many more. Benefits differ from policy to policy – please refer terms and conditions before buying.
Q. Is there any waiting period related to COVID insurance policies?
A. Depending on the type of COVID-19 Insurance policy you choose to get COVID-19 insurance coverage, a specific waiting period is applicable. It can be around 15 to 30 days, which varies as per the policy specific terms.
Q. Is COVID insurance coverage available in India?
A. Yes. Many different insurance providers in India now offer COVID insurance coverage to cater to the expenses related to hospitalizations and many others. While selecting a policy, make sure you check the insurer’s reputation and Claim Settlement Ratio (Claims Paid Ratio).
ARN: Jul23/Bg/05L
