The novel coronavirus is claiming many lives globally. In India, as of 18th April, there are 13,825 positive cases of COVID-19. Seeing the rapid spread of the pandemic in India, the IRDAI (Insurance Regulatory and Development Authority of India) has put out a referendum that guides insurance providers to prioritize COVID-19 related claims. Hence, a sound health insurance policy can help protect you financially in case you or a loved one were to get infected by COVID-19.
Here’s how to choose health insurance for coronavirus.
Important Update (Dated May 30, 2024) – Good news for Health Insurance policyholders! According to the Master Circular on Health Insurance Business 29052024 rolled out on May 29, 2024 by IRDAI, insurers are to decide on the request for cashless claims within 1 hour of receiving the request. Also, the final claim is to be granted within 3 hours after the policyholder’s discharge from the hospital. Insurers have been directed by IRDAI to establish necessary systems and procedures for this process by July 31, 2024.
The Master Circular on Health Insurance Business 29052024 circular is available here - https://irdai.gov.in/document-detail?documentId=4942918
Smooth Claim-Settlement
One of the tips to get a good coronavirus health insurance policy is to check for its claim settlement process, which should be quick and easy. If this process is slow and drawn out over weeks, it can become a major hindrance to you or your loved ones, while paying off medical bills. Fast claim settlement is indicated by a high claim settlement ratio, which means that your insurance provider is good at prioritizing the claims that are serious, like those of COVID-19. Without any third-party involvement, Bajaj Allianz Health Insurance boasts a 94% settlement success rate and with the promise of settling your claims within an hour.
Cashless Claims Feature
A cashless claim settlement facility is one where the insurance company directly settles your medical bills with the hospital. With a good health insurance policy, cashless claims can be availed at your insurance providers' huge network of hospitals. Make sure your insurance provider has partnered up with a large number of hospitals, including those that are preferred as easy to travel to.
Waiting Period
All health insurance policies come with a predetermined waiting period, including the health insurance for COVID-19. The length of this period is very crucial. If the waiting period is lengthy, you may not be able to utilize the be plan in case you fall ill during this period as your insurer will not be liable to fund our treatment. Your health policy will cover treatment claims or medical expenses only once the waiting period is over and the policy is active. Look for an insurance provider with a minimum waiting period.
Add-On Covers
When figuring out how to choose health insurance for coronavirus, keep a close look at the additional covers available. These additional benefits of health insurance differ across different insurance providers, with every policy having its own selling point. Some riders come with an extra sum insured that is applicable for critical illness cases and accident-related hospitalizations at zero cost. For instance, Bajaj Allianz offers a top-up cover, available on Finserv MARKETS, which behaves as an extension to your health plan in case your base plan’s coverage falls short.
Co-payment
All insurance plans tend to come with a co-payment clause. Copayment indicates that you will be required to pay a predetermined portion of the claim amount out of your own pocket, while the remainder is settled by your insurance policy. Copayment health insurance policies are typically available at lower premiums; however, they do not always offer complete coverage. Hence, unless you prefer lower premiums, ensure that the policy you are purchasing has no copayment clause. Avoid signing any Mediclaim policy without understanding the policy documents thoroughly. This way you can avail 100% of the payment for your claim on hospitalization from COVID-19.
The IRDAI has mandated that all COVID-19 related claims will be considered by your health insurance plans. However, choosing your health insurance wisely can make a huge difference in terms of the waiting period, claim disbursal, and other factors. Bajaj Allianz Health Insurance, available on Finserv MARKETS comes with a swift claim settlement process, personalized health plans, and cashless claim facility at 6500+ network hospitals. You can also avail of medical coverage of up to ₹50 lakhs, and a host of other beneficial add-on covers. Safeguard yourself and your loved ones financially by choosing Allianz Health Insurance on Finserv MARKETS.
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