What is COVID-19 and insurance claims
According to guidelines issued by the IRDAI (Insurance Regulatory and Development Authority of India), all the claims related to Covid-19 treatment (including quarantine period) will be eligible to gain coverage under a standard health plan. In this scenario of panic, every individual wants to be safe and healthy. They are concerned about issues like whether they are eligible for insurance pay-outs when they contract and get impacted by COVID. They wish to know if life insurance like term insurance plans and health insurance will be covered for Covid-19 infection or death. Most insurance companies have been flooded with enquiries with anxious customers wishing to know the extent of coverage offered by the insurers and impact of the pandemic on their existing policies. Dealing with the COVID-19 pandemic has brought several financial concerns to the forefront for many of us. As the new variants of this deadly virus continue to emerge, it becomes vital to buy a covid insurance policy. The last two years have helped us comprehend that insurance is a financial tool that comes in handy in case of unprecedented struggles. In that sense, covid insurance is similar to other types of insurance which provide financial protection; however, it is specifically designed to prove to be more helpful during a health crisis such as this one.
10 reasons why insurance may reject your COVID-19 policy claim
Here are the primary grounds on which insurance companies may deny your COVID-19 claim.
👉🏻Unnecessary hospitalisation:
When a person with a mild infection is admitted to a hospital when it is not covered under the policy, the claim may be rejected for the same reason.
👉🏻Unnecessary tests:
The insurer may reject your claim if you raise claims for unnecessary lab tests or bills of OPD (Out-patient Department) that may not lead to hospitlisation
👉🏻Domiciliary hospitlisation:
Treatment at home is known as domiciliary hospitlisation. Your claim may be rejected if you opt for domiciliary hospitalisation without prior approval from your insurer.
👉🏻Waiting period:
Most insurance companies offer policies with an initial waiting period before submitting a claim. Claims raised during the initial waiting period are not eligible for settlement.
👉🏻Non-disclosure of illnesses:
Insurance companies may not settle your COVID-19 claim if you have not disclosed a pre-existing disease, especially a COVID-19 based health insurance policy.
👉🏻Documentation problems:
Failure to provide relevant documentation may result in the rejection of your claim. Hospitals may not share sufficient documents for a smooth claim settlement process with the insurer.
👉🏻Not following standard treatment guidelines:
There are standard treatment guidelines for COVID-19 issued by the local authorities. Failure to adhere to these set guidelines can lead to the rejection of your claim by the insurer.
👉🏻Mild symptoms:
Some insurers reject COVID-19 claims since patients with mild symptoms were hospitalised when it was not required.
👉🏻Lapsed policy:
Whether a COVID-19 health insurance policy or a regular health insurance plan, insurers reject claims raised on a lapsed policy. Ensure you renew your health insurance policy within the due date to avoid claim rejections.
👉🏻Specific exclusions:
If you purchased a health insurance plan, that specifically states that it does not cover claims related to pandemics, then your insurer may reject COVID-19 claims. Some plans do not cover pre- and post-hospitlisation for COVID-19 treatment. If you raise claims against such specific exclusions, the insurer is bound to reject your claim.
What are the types of COVID-19 health insurance policies offered in India?
There are COVID-19-focused health insurance plans, they are Corona Kavach and Corona Rakshak. The Corona Kavach is a standard health insurance plan wherein only the medical or hospital bills get reimbursed up to the sum insured subject to terms and conditions of the policy. The Corona Rakshak is a standard fixed benefit health insurance plan wherein the insurer pays the sum insured in a lump sum (subject to the terms and conditions of the policy).
How can I register a claim if COVID-19 infects me?
If a government-authorised testing lab or diagnostic centre has diagnosed that you are infected with COVID-19 disease, then contact your insurer, in this case, ACKO, immediately. Our support team will guide you through the process
Benefits of COVID Insurance
Purchasing COVID-19 insurance policy ensures that your loved ones have a financial safety net in case something unforeseen occurs to you. The earlier you purchase this sort of life insurance, the better the coverage and the lower the premium. It would be beneficial if you researched about the various types of coronavirus insurance policies available in the market and then purchased a life insurance policy as part of your financial planning. Also, before making a selection, you should thoroughly examine the benefits of COVID insurance.
- Financial Protection to Your Loved Ones
It means that if you contract coronavirus and do not survive as a result, your dependents will receive the entire sum assured. When you are not with your family, the money might be very useful in allowing them to maintain their lifestyle without interruption.
- Insurance at Affordable Premium Rates
While you may not be able to prevent unpleasant occurrences from occurring, you can certainly construct a safety net for your loved ones. As a result, if you are not present, your dependents are entitled to the sum insured. Most people designate their family members as covid health insurance nominees. Given the current bleak climate of risk and uncertainty, COVID insurance policy benefits serve as a beacon of hope throughout this pandemic
- Uncomplicated Claim Settlement Procedure
Quick claim settlement is of the main advantages of COVID insurance plan. It will help you stay safe and get your claims handled as quickly as possible. One of the COVID insurance perks that adheres to social distancing norms is that the insurers offer a cashless/online settlement option, which eliminates the need to speak with the insurance agents directly. It will assist you in maintaining social distance and will expedite the resolution of your claims.
- Inflation-Proof Your Financial Planning
The expense of healthcare has risen tremendously, and it is even more noticeable during the pandemic. As a result, in the event of a medical emergency, people are forced to spend their money, jeopardising their future goals. Most people rely on their funds to deal with medical emergencies without a corona insurance policy
