17 Mar-2020

Coronavirus and Health Insurance: Your questions answered

Do you know whether your health insurance policy covers Coronavirus or not? This video answers most of the queries about Coronavirus and health insurance.

Story: Bhanvi Arora  |  Visuals: Sunny Lamba

Coronavirus cases have been spreading across the globe like fire. It has infected more than 31,16,992* people and killed over 2,17,183* worldwide, according to Johns Hopkins University. The virus has extended its footprint in India with the total number of cases risen to 31,332* and 1,007* deaths reported till date. In such a situation, it is important for you to understand whether your health insurance plan covers this disease or not? Let’s talk about some queries that you may have:

 

Q. Will my existing policy cover Coronavirus?

A. If you already have a health insurance plan, the good news is that Coronavirus will be covered. It will be treated like a normal illness, the same way a dengue or malaria is treated. However, if you don’t have a health insurance policy and then you get infected by the disease, and after that you plan to buy a new health insurance policy, you will not be covered.

 

Q. Should I get a cover for Coronavirus?

A.Health insurance is a broader concept and Coronavirus shouldn’t be a trigger for you to buy a cover. Coronavirus is a good reminder that any life threatening disease can happen to you at any point of time. So, its important for you to be covered adequately. Health insurance has to be seen as a means of protection against unforeseen circumstances. You may get ill at any point of time and have to be hospitalized for it. Hospitalization expenses can burn a big hole in your pocket.

 

Q. Will it be considered pre-existing disease?

A. If you already have a health insurance policy and you get infected by Coronavirus, then you will be covered. There will be no waiting period. It will cover all hospitalization and patient expenses. It will cover pre and post hospitalization expenses also. Typically, all health insurance policies cover 60 days of pre-hospitalization as well as 120-180 days of post hospitalization expenses as well.

 

Q. Is there a waiting period for viral infections?

A. When you buy a policy, there is a waiting period of 30 days. You will get an accidental cover from the first day of buying a policy. However, for illnesses like Coronavirus, you will be covered from the 31st day.

 

Q. How does claims settlement process work for Coronavirus?

A. Settlement process is the same for any illness, including Coronavirus. Good thing for a customer is that it has been made seamless because of digitalization in the last few years. Claims can be made in two ways- cashless or reimbursements.

In cashless claims, you don’t have to pay anything from your pocket and all the expenses will be borne by the insurer. The other way is to get a reimbursement wherein you have to pay everything from your pocket and later claim reimbursement which can take anywhere between 7-14 days.

(* figures as on April 29, 2020)


  • Important facts about Coronavirus and insurance

    Bhanvi Arora

    Bhanvi writes @ PBLife. She loves to sing, travel, play badminton, eat white chocolates and sweet corn, not in that particular order. She loves to buy heels and sometimes wear them.

  • Sunny Lamba

    Sunny is a visual storyteller at PB. Other than creating visuals, he loves to travel and likes to cook. Someday, he wants to have his own cafe in the hills.

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