Coronavirus has been now part of daily lives for the last 2 years. There looks an extended time as new variants keep developing. Although the hospitalization rate is low, still one may need hospital care. The question today to discuss: Will Health Insurance Policy Cover Omicron? Will your mediclaim cover Covid 19 Variants?
As we encounter, the fear of Omicron, it is important to know where are we in terms of financial burden?
Will Health Insurance Policy Cover Omicron?
Yes it does.
on 3 Jan 2022. it was announced by IRDAI that all health insurance policies that cover Covid-19, will also cover its new variant, Omicron. So, yes, your mediclaim policy will cover Coron Virus or its variants.
The IRDAI (Insurance Regulatory & Development Authority of India) press release clearly says:
“The Press release of 1st April, 2020 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, it is 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 mechanism with all their network providers (hospitals) for the purpose of making available seamless cashless facility to all policyholders in case of hospitalisation if any and render speedy services to all policyholders.
The hospitals are also requested 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.”
Health Plans for Corona (Covid 19)
Comprehensive Health Insurance Policy or Mediclaim Policy
The policy typically covers Pre & Post hospitalization. As per the policy features, we get several other benefits, such as daycare procedure coverage, specialist visits, organ donor coverage, health checkup expenses coverage, etc.
Comprehensive health plans come with conditions related to waiting periods, copay, room rents limits, renewability clauses, no claim bonus, etc. They are offered as stand-alone or floater (family members covered under a single sum assured).
Corona Rakshak
A Corona Rakshak policy offers a fixed cash benefit of up to INR 2.5 Lakhs. Once you test positive for COVID-19 and are hospitalized for more than 72 hours you can file the claim. The policy has a waiting period of 15 days. Unfortunately, most insurance companies have withdrawn this policy.
Corona Kavach
This policy will reimburse the actual hospitalization expenses incurred for COVID-19 treatments. It is like a mediclaim but for just one disease. The condition is that you should be hospitalized for more than 24 hours. This policy doesn’t have any room-related capping. It also covers costs related to Personal Protective Equipment (PPE), masks, etc.. Like Corona Rakshak, it also comes with a waiting period of 15 days.
Details of Corona Rakshak & Corona Kawach
Which one should you take?
No doubt – one should take a Comprehensive Policy only.
The 2 special covid 19 policy can be taken to reduce risk in case you have not taken comprehensive mediclaim or are underinsured.
ls note that Covid-specific health insurance plans do not offer a substitute for comprehensive health policies.
A Covid-specific plan will only cover Covid-19 and its variants. But a proper mediclaim policy covers expenses of all illnesses and injuries, including COVID-19 and its variants.
Health policies come with a renewal clause for a lifetime. Covid-specific plans provide cover for only 9.5 months., comprehensive health insurance policies are renewable for a lifetime. As mentioned very few insurers offer Corona Kawach & Rakshak nowadays.
