With the rise in positive case of COVID19 globally, people are worried about their health insurance policy covering them adequately. Most health products offered by insurers cover inpatient tretment for Coronavirus. While choosing a product which provides health insurance coverage, including cover for COVID19 treatment, it is wise to bear in mind the four Cs. These four Cs are benefits covered, Co-pay and room rent limits, Coverage and Consumable cover.
Here is a brief glance at the 4 Cs in more detail.
Majority of people who contract Coronavirus would not have any significant symptoms which require inpatient tretment. Some of the cases may lead to a Coronavirus diagnostic test or a basic medication on OPD basis. You should check if your policy has an OPD cover so that these expenses are covered.
If the COVID19 positive patient requires hospital admission, the expenses would be covered under insurance products. Howevr some insurers have exclusion built in for Coronavirus pandemic. You should read the print before to ensure your policy doesn't have any exclusion for pandemics.
Co-pay and room rent limits
Many health insurance products require the insurer to beer a part of the expenses from his pocket , which is called as a co-pay, a simple cost control measure built in by insurers. Co-pay is a reasonable amount pay out of your own pocket when the bill is so small, but when the bills are large, the burden is likely to be heavy.
In Coronavirus cases, the major part of the treatment cost is on room rent ,especially if the insured COVID19 positive person is treated in a private hospital. Many of the private hospitals have created specialised isolation facilities that are costlier than the regular rooms. Many health insurance products have a room rent limit either by specifying a room category or by restricting it to a percentage of the sum insured.
If your room rent is beyond this limit, there is chance of proportinate deduction in your claim amount.
If you are hospitalised due to COVID19, your insurance provider will provide hospitalisation cover under the insurance plan. Since having COVID19 may require to be hospitalised for few weeks all the expenses borne under this will be covered either on a reimbursement or cashless basis.
Most insurances come with a waiting period of 2-3 years before certain diseases are covered. In the case of COVID19, this is not the case anymore and you won't need to undergo such a long period. However some policy companies do not cover infectious disease for the first 30 days of the insurance, so ask your provider to confirm what is included and what is not.
Gloves, sanitizers, masks, cotton are classified as consumables because they are intended for one time use, due to reasons of infection prevention and sterility. Most of the Health Insurance products do not cover consumables.
It may be worth your while checking if your insurance covers consumables. Only a few policies in the market cover consumables, so choose your product carefully.
How can you claim cover if you are diagnosed with COVID19 ?
The first thing you need to do when you are diagnosed with COVID19 is to keep calm, self qurantine so that you don't spread the deadly virus to others and call your insurance provider. Always ensure your insurance is updated and enquire if your insurance provider offers cashless treatment so that you can focus on what is really important.
So now that you know what you might need if you have COVID19 decide if you need a COVID19 cover or whther you are content with the existing protection your policy provides.