The loopholes that existed in the health care system

The COVID-19 pandemic has exposed the loopholes that existed in the health care system. Even though there are many health insurance covers, most of them did not come with adequate benefits to cover Covid-19 treatment expenditure, thus resulting in dedicated Coronavirus insurance plans.

Given no specific cover introduced previously, financial institutions eventually contemplated bringing forth such a customized insurance cover to cater to the increasingly diagnosed individuals contracting the disease. Thus, while the understanding of Coronavirus is commonplace now, coverage plans introduced dedicatedly for financial protection against this highly contagious disease deserve attention. Here’s a detailed look at its need and coverage benefits.

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Why is there a need for coronavirus insurance coverage?
The total caseload of Coronavirus in India had been recorded to be 99 lakh, with healthy individuals contracting this disease every day. While the casualty is not very high in India as against other countries, it is still sizeable given the high population in the country.

Hence, it becomes typically essential that all the necessary precautions are adopted to ensure that one remains in the best of his/her physical health. At the same time, one’s financial health must also not be compromised.

Plus, since the pandemic has led to a severe economic slowdown, restricting the income of Indians, it is all the more important to remain financially secure against sudden healthcare expenditure.

Against this backdrop, COVID-19 health insurance cover has become imperative today in managing potential healthcare expenses. Even though there has been regular health insurance coverage or even specific ones such as tuberculosis insurance cover, they managed to cover only a meager fraction of the total expenses incurred during Covid-19 treatment. The introduction of dedicated insurance policies like corona kavach and rakshak is thus a potential relief.

Some of the best coronavirus insurance plans further include customization to cover co-morbid ailments resulting from Covid-19 contagion. It is further better to opt for comprehensive plans than specific ones that cover a particular illness type.

However, such an insurance plan should be selected based on an individual’s healthcare and financial requirements to arrive at a sound decision.

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What is included under a coronavirus insurance cover?
Multiple insurance plans have been introduced, with varying degrees of coverage benefits included. One such coverage plan, the Covid-19 Insurance cover offered by Bajaj Finserv under its Pocket Insurance & Subscriptions, brings along a whole range of benefits –

Hospitalization expenses are covered when the admission period is a minimum of 24 hours. A Covid-19 diagnosis must be undertaken before that at an ICMR-approved private laboratory or a government-approved laboratory, with disease confirmation for such treatment.
Any comorbidity treatment expenditure is covered under this plan.
Expenses incurred both for pre-hospitalization and post-hospitalization are covered.
Ambulance charges are covered for a maximum amount of Rs.2,000/case of hospitalization.
How to apply for a Health Insurance Plan?
The process to apply for coverage of coronavirus insurance in India is quite simple –

Step 1: Visit the insurance provider’s website and click on ‘Apply Now.’

Step 2: Fill up the application form with the required details.

Step 3: Confirm your entries with a one-time password will be sent to your mobile number.

Step 4: Next, make the premium payment through a suitable mode for policy coverage to start.

Alongside these details, one must also be aware of the claim procedure to avail of financing without much delay.

What is the process to raise an insurance claim?
Along with the application method, the process to raise a claim has also been made simpler. All that one needs to do is reach out to the insurer by calling a toll-free number or sending them an e-mail.

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While the insurance cover for Coronavirus is the need of the hour, other insurance plans such as infection cover also safeguard you from incurring sudden expenditure due to healthcare emergencies. Thus, it can prove critical if you have invested in such allied covers with a thoughtful financial plan in place.

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