Will COVID-19 Vaccine be Covered Under Health Insurance Plans?

The pandemic declared coronavirus has infected millions of people across the world, and the numbers are only increasing every hour. And in order to fight the disease, many people have started purchasing health insurance plans that shield them against expenses related COVID-19 treatment required after a positive diagnosis. The number of potential customers asking for health insurance queries has also increased, as per the experts, as they now want to know everything about what these plans cover them for, the waiting periods under them if any, the claim settlement process, cost compilations, and so on. The IRDAI (Insurance Regulatory and Development Authority of India) had also taken a step to simplify understanding for the policyholders by introducing various rules and regulations.

To further offer you a simplified understanding of COVID-19 health insurance plans, here we have compiled a few common questions along with their answers. Read them below:

Will I be covered for COVID-19 expenses under regular health insurance plans?

According to IRDAI (Insurance Regulatory and Development Authority of India), all the health, as well as general insurance companies, are required to cover hospitalization claims necessitated due to positive diagnosis of COVID-19 under their regular indemnity based health insurance plans. For example, if an individual has been diagnosed positive for the novel coronavirus, and requires hospitalization, then he/she can avail of treatment and file a claim for the hospitalization under the policy. There are also short-term health insurance plans launched by the IRDAI that cover COVID-19 treatment expenses. Apart from hospitalization expenses, these plans cover you for home care treatment, as well as treatment is taken as AYUSH systems of medicines. & &

Can I purchase a new health insurance plan that covers me for COVID-19 treatment if I do not have a health insurance plan?

Definitely. You can buy new health insurance not only to cover yourself but also your family members against treatment expenses related to COVID-19. But, you must consider a few aspects before buying a COVID-19 health insurance policy. Firstly, you note that you or your family members will not be covered under the policy if you are already suffering from COVID-19. Secondly, you will be required to serve a specific waiting period before you can start availing of policy benefits. 

Will I be covered for COVID-19 test under the policy?

If covered under a COVID-19 health insurance plan, you will be protected against COVID-19 related tests as a part of pre-hospitalisation expenses if you get hospitalised for the treatment on a positive diagnosis of COVID-19. This will be subject to certain terms and conditions.  

Will I be covered for COVID-19 vaccine under the health insurance plan?

As vaccines are generally preventive in nature, these are not covered under regular health insurance plans. This is because vaccines do not qualify as treatment procedures. But, if your health insurance policy covers OPD expenses, then you will be protected for the same. 

What is the average cost of COVID-19 treatment? 

The cost of coronavirus infection depends on various factors. Some of them are the choice of the hospital, the severity of the infection, as well as the age of the patient. For an individual who is aged between 30 years and 45 years, the treatment cost may range between Rs. 1 lakh and Rs. 2 lakh if the treatment is taken in a private hospital. But if the patient is a senior citizen, and is affected severely, as the senior citizens are more vulnerable, then the treatment cost will increase further to nearly Rs. 3 lakh to Rs. 4 lakh.

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Conclusion 

Currently, the insurance companies are not covering the expenses related to COVID-19 treatment under their health insurance products. But in the future, the plans will be evaluated as soon as the vaccine is available and the pricing comes in, as it is a critical requirement.