One of the biggest impact of any medical treatment is on the personal finance of the individual and their family. The rapid spread of the corona virus across the globe and its appearance in India has prompted people to take a closer look at the protection that they possess. Medical expenses are taken care of by health insurance policies and it is important to see what kind of coverage these provide in India.
Any person who has a health insurance cover under existing policies in India will be covered if they take treatment for corona virus through hopitalisation. This condition is very important because the health insurance policies provide for payment only when there is a minimum hospital stay of 24 hours. Once this is present then even pre and post hospitalisation expenses are covered under the policy.
This will be a relief for people who have protected themselves by buying a health insurance cover. For all those who do not have such a cover this is one thing in their financial portfolio that is essential. Having such a policy in force before any illness occurs is crucial for the claim to be passed.
The Insurance regulator IRDAI has also asked insurance companies to ensure that claims related to corona virus are paid out efficiently and without problems for the policyholders. It has also clearly specified that the claims review committee has to verify the details of a claim before it is rejected. This is meant to ensure that there is a proper study done of the situation before a decision is taken to not pay a claim.
In addition the insurance companies can also launch specific policies for the corona virus. There are specific policies that cover diseases like dengue, malaria etc and any such policy related to corona virus would be similar in terms of its operation.
Overall this provides a big mental relief for people because if they have a health insurance policy they know that this will be eligible for coverage for treatment of corona virus. The claims will be settled quickly plus all expenses will be paid out including those during the quarantine period according to the terms of the policies issued.