Omicron cases increasing! Here's how Covid-19 health insurance plans help to meet hospital costs

The third big coronavirus wave has spread like wildfire in the country. While the need for hospitalization has been low in the current wave, taking adequate precautions and following the covid protocols is the need of the hour.

- Ashwini Kumar Sharma

For those who hold a health insurance policy, meeting the hospital cost arising out of the treatment during hospitalization is not much to worry about.

In case you want to buy health insurance plans that exclusively cover the treatment for coronavirus infection, you may do so. Taking cues from the high cost of treatment and the need of a specific health insurance policy covering hospital bills solely on account of COVID-19, the insurance regulator had asked all insurance companies to launch exclusive products to cover them.

IRDAI in April 2020 had clarified that all the indemnity-based health insurance products that cover the treatment costs of hospitalization offered by all general and health insurance companies cover the costs of hospitalization treatment on account of Covid -19. In the wake of recent instances of spread of Covid-19 cases being reported under Omicron variant, IRDAI further clarified that all health insurance policies issued by all general and health insurance companies that cover treatment costs of Covid-19 also cover the costs of treatment towards Omicron variant of Covid-19 as per terms and conditions of policy contract.

The Insurance companies shall put in place effective coordination mechanisms with all their network providers (hospitals) for the purpose of making available seamless cashless facility to all policyholders in case of hospitalization if any and render speedy services to all policyholders.

The hospitals have to honour the service level agreements (SLA) that have been entered with insurance companies for the purpose of providing cashless treatment to health insurance policyholders.