Covid-19 vaccines and health insurance: What you need to know
Understanding COVID-19 Coverage and Vaccination Benefits
The world has witnessed very dark times since the global pandemic outbreak back in 2020. There have been several changes in the world market since then. In India, one of the major changes that occurred in the health insurance sector is that several curative healthcare schemes were introduced that offered COVID-19 coverage. IRDAI has also mandated all health and general insurance companies to include COVID coverage in the existing indemnity plans. Zurich Kotak General Insurance also became a popular and user-friendly name.
What is Coronavirus?
COVID-19 or Novel Coronavirus is a group of several viruses known to severely attack the human immunity causing common cold and flu to severe respiratory ailments. Back in December 2019, a new strain of this virus affected humans first in China. Multiple Corona strains have been detected ever since including the delta variant, omicron and the latest JN-1.
Coronavirus health insurance
As the name suggests, this specific health insurance cover has been particularly designed to cover the treatment costs that occurred due to COVID-19 treatments. As COVID-19 is a viral infection, any standard comprehensive health plan will cover pre- and post-hospitalisation costs, in-patient expenses, OPD costs, and other associated expenses. As COVID-19 is a relatively new ailment, it is not considered to be a PED, unless you are already a COVID patient while purchasing the concerned health plan.
Benefits of COVID-19 health insurance
Some of the key benefits of COVID-19 health insurance include:
Coronavirus treatment cost coverage without any additional charges
Domiciliary treatment costs
Consumables expenses including PPE kits, masks, gloves, ventilators
Age-based co-payment option
Cashless treatment facility
Add-on coverage feature
COVID-19 vaccines
To keep this deadly ailment away, the vaccine is the only probable solution. It might not entirely stop it, but the intensity is expected to be much less.
However, if you think that your existing health insurance plan will cover COVID-19 vaccination, you might be slightly mistaken. There are only specific COVID health insurance plans that offer coverage for COVID-19 vaccination costs.
If you do not possess any health insurance coverage, you can easily purchase one that includes COVID-19 vaccine coverage. No standard health insurance plan offers coverage for COVID-19 vaccination, as it is considered a preventive measure. It can only be covered, if your chosen plan offers OPD coverage, depending on the terms of the concerned plan.
Discounts
If you are willing to purchase or renew health insurance after completing your 3 doses of vaccination, you may enjoy special discounts on the premiums under certain circumstances. IRDAI is encouraging active undertaking of Covid-appropriate tactics and behaviour. The authority has also asked both life and non-life insurance providers to settle any COVID-19 claims at the earliest to ensure better management.
Conclusion
We have essentially highlighted some of the most significant aspects of COVID-19 and coronavirus health insurance. The vaccination will not only benefit you physically but there are provisions for financial benefits as well. You have to research well before renewing or undertaking a new plan.
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