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Health Insurance Quizlet: Does Your Health Insurance Cover Covid-19?

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Health Insurance Quizlet: Does Your Health Insurance Cover Covid-19? The second wave of Corona is proving very dangerous and an outsized number of Covid-19 patients are increasing within the country. In such a situation, people are once more understanding the importance of insurance .

Can existing health policy cover the treatment of Covid or will it need to take a separate policy? Let’s take a glance at it.The Insurance Regulatory and Development Authority of India (IRDAI) had directed in April last year that treatment of Covid-19 would even be covered under all insurance products.

Health Insurance Quizlet: Does Your Health Insurance Cover Covid-19?

That is, if you’ve got any insurance , then the insurance firm cannot refuse the claim for treatment of Covid. Usually, in such a policy, the value of treatment is out there on being admitted to the hospital for quite 24 hours, an equivalent are going to be the case within the Covid case.

But if you’ve got taken such a policy which features a special scheme like cancer, hort disease, critical illness cover, then it often doesn’t cover the treatment of Covid-19.

Health Insurance Quizlet: Does Your Health Insurance Cover Covid-19?

Insurance regulator IRDA had last year asked insurance companies to bring a typical Covid-19 insurance policy. After this, many companies have brought policies associated with Covid-19 only. the great thing is that in such policies, the grace period is merely 15 days. There are two sorts of these policies – Corona Armor and Corona Guard Policy.

Corona Kavach: Corona Armor may be a standard COVID-19 based policy. it’s a short-term policy during which corona infection is treated. In this, the sum insured is from 50 thousand rupees to five lakh rupees only. the great thing is that this policy are often taken for brief term i.e. from 3.5 months to 9.5 months. Single premium is charged for this.

Corona Rakshak: this is often a hard and fast insurance plan. If an individual is undergoing treatment for Covid-19 and is admitted to the hospital, then the insurance firm gives a particular amount for this treatment. Under this, the sum assured ranges from 50 thousand to 2.5 lakh for the insured it’s also one premium policy with a duration of three .5 to 9.5 months.

Health Insurance Quizlet: Does Your Health Insurance Cover Covid-19?

Treatment of corona is sort of expensive, often there are reports that hospitals have made a bill of 8 to 10 lakhs for the treatment of corona. In such a situation, your existing corporate policy or individual family floater policy might not be enough for this treatment. Therefore, you ought to also take a corona armor or corona protector policy during which you’ll get insurance cover of lakhs of rupees at a payment premium of just Rs 2-4 thousand.

Keep this stuff in mind: It should be clear what’s the aim of taking a insurance policy for you. it’s important to be more alert if you’re taking a policy to affect the Corona crisis. it’s important to understand that corona is roofed in your health policy.

Health Insurance Quizlet: Does Your Health Insurance Cover Covid-19?

If you’re taking insurance now, then confine mind that there’s a grace period of a minimum of 30 days to start out the duvet in any policy , during which you are doing not get the advantage of insurance. within the Corona Armor and Corona Guard Policy, the grace period is merely 15 days. So if you’re thinking that now you’ll take the policy and within the next one week, you or your family are going to be treated with this policy , then it’s impossible .

Do see the features of the plan: it’s not right to match health plans only on the idea of premium rate, because it’s important to ascertain the features of the plan also it’s often seen that the most cost effective plan offers limited security. Each health plan has its own list of things that aren’t included, which are recorded within the policy document.

Health Insurance Quizlet: Does Your Health Insurance Cover Covid-19?

we frequently ignore it. So now you ought to know immediately what expenses aren’t included in your health plan in order that you are doing not feel that you simply are cheated when the claim is rejected.

No got to hide anything: it’s often seen that if there’s a disease, people don’t want to offer information about it while purchasing insurance . People do that because they fear that their policy application is rejected or premium amount increases. But it’s important to understand here that once you attend make a claim and therefore the insurance firm involves know that you simply have hidden any information, then your claim also can be rejected.

In such a situation, it’s important that you simply should tell all the important facts associated with your health, because albeit this may increase the quantity of premium, a minimum of your claim won’t be rejected.

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