Fight Covid-19 With The Right Cover

Go for a regular health insurance policy rather than a Covid-19 special plan; the former will offer more comprehensive coverage and a higher sum insured

- Rajalakshmi Nirmal

When finances are strained due to job losses and paycuts, it is dangerous to leave medical exigencies to be covered out of pocket.

Did you know that the treatment for COVID-19 in private hospitals costs ₹3-5 lakh (over 10-14 days)? If a ventilator is used, costs shoot up further. Protective gear used by doctors and nurses are also charged to the patient.

It is therefore important that you have a comprehensive health insurance policy with sufficient sum insured (SI), if you do not already have one.

All leading health insurance companies, including ICICI Lombard, HDFC ERGO, Star Health and Allied Insurance, and TATA AIG, that BusinessLine spoke to, are thankfully not abandoning their customers infected with COVID-19, and are settling claims.

Numbers with EPOCH Insurance Brokers show that in the past few weeks of private hospitals being allowed to treat coronavirus cases, 130 claims, amounting to ₹3 crore, have been registered with the leading health insurers. These numbers are rising by the day.

If you already have a standard health insurance plan, you can set your worries aside. If you have paid the premium and the policy is in force, you can claim benefits on the policy immediately, if you get hospitalised.

But if you buy a health insurance policy afresh now, note that any claim can be made only after the first month. All regular health insurance policies have an initial waiting period of 30 days. This is to avoid people with ‘known risks’ taking advantage of insurance cover.

There are a few specialised COVID-19 plans in the market now. But beware, these, too, come with a waiting period.

COVID plans vs regular health policies