Blog Details - Magma HDI
Does my existing Health Insurance cover Coronavirus? 14th June 2021
This unfortunate and devastating pandemic situation has completely shaken the quality of health globally. Coronavirus or Covid-19 is leaving damage on not just the economy but also to the well-being. The health expenses involved in the Coronavirus treatment badly affects the pockets of patient and his / her family members. During this economic crisis due to the pandemic, medical costs can adversely add unnecessary stress. But, what if your existing Health Insurance covers all your expenses of Coronavirus treatment? Definitely, a wave of relief might have passed through your body after reading this. Let’s understand it further here.
Does your existing health insurance plan cover Coronavirus treatment?
So, the answer to this crucial question is YES. If you still don’t own health insurance, then purchase online health insurance today itself. The government has given clear guidelines to all the insurance firms that they need to cover Covid-19 (even if it is a new disease) under their health insurance policies and provide full benefits to the policyholders. It clearly states that if you own a health insurance plan and test positive, all your hospital charges will be taken care of by the insurance (of course with the pre-defined terms and conditions).
Some key points to be noted here:
1. You will be able to claim it only if you are hospitalized; that too, with a written recommendation by a verified doctor.
2. The minimum hospitalization criteria is of 24 hours.
3. The home quarantine will not insure your expenses.
4. If you get admission to a quarantine centre that is non-recognized, you won’t receive the benefits.
5. If you are already taking advantage of your existing health insurance plan to cover the treatment of other pre-existing illnesses, no compensation will be given for Covid-19 treatment.
6. The waiting period plays a crucial role; you can’t avail of any claim during the waiting period.
So, the bottom line is that if you are Covid positive and are admitted to the hospital with valid health insurance, you don’t need to worry about your expenses. These policies can cover your entire costs like bed charges, ICU charges, medicine bills, tests or scans, ambulance charges, depending on the policy features.
Claiming process of several health insurances.
1. Go Cashless: Most of the insurance plans provide their policyholders with the benefit of cashless claims. The policyholder doesn’t have to pay for treatment of Covid to the hospitals; his / her insurer takes care of the same.
2. ‘Pay now, reimburse later’ option: If the policyholder receives treatment by getting hospitalized in a non-network hospital, then the cashless claim will not stand valid. The policyholder needs to pay for his entire expenses at the time of discharge and later apply for a reimbursement procedure by submitting all the required documents to the insurer. Always obtain a pre-approval for the hospitalization and claim from the insurance firm.
On a conclusive note, you must have a health insurance policy in place during these challenging times of pandemic and lockdown. You can purchase online health insurance without stepping out of your houses and safeguard the health of your family and yourself.