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Will health insurance policies cover the Omicron variant

Will health insurance policies cover the Omicron variant?

The instances of Covid-19 and its new variant Omicron have been increasing at an alarming rate across the country. Face masks, hand sanitisers, social distancing apart, getting a health insurance policy has become more crucial now.

 

A comprehensive health insurance policy covers hospitalisation expenses incurred for all illnesses and injuries, including Covid-19 and its variants. This policy is renewable for a lifetime, and hence, will take care of your healthcare needs both in the short and long term. There, however, might be some restrictions that come with comprehensive health insurance, such as – waiting period for pre-existing and other conditions, sub-limit or eligibility cap on rent limit, etc. You must be aware of these conditions before making the purchase.


Insurance regulator Irdai says health insurance policies that cover COVID treatment costs will also cover expenses for treating infections due to Omicron.

“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 Regulatory and Development Authority of India (IRDAI) said in a release.

 

The regulator has issued the directive to general and health insurers in view of the growing number of cases of the Omicron variant.

 

The regulator has also asked insurance companies to put in place an effective coordination mechanism with all their network providers and hospitals to make available seamless cashless facilities to all policyholders in case of hospitalization and render speedy services to all policyholders.

In April 2020 also, Irdai had clarified that all the indemnity based health insurance products that cover the treatment costs of hospitalisation offered by all general and health insurance companies cover the costs of hospitalisation treatment on account of COVID-19.

 

Health insurance options that cover Omicron
Introduced in March 2020 by IRDAI, Corona Kavach and Corona Rakshak are short-term health plans designed specifically for Covid-19. Both these policies will cover treatment costs of COVID-19 and all its variants including Omicron.

Corona Rakshak is a fixed cash benefit policy that will pay up to INR 2.5 Lakhs if you’re infected with Covid-19 or any of its variants and are hospitalized for 72 hours or more. Corona Kavach, on the other hand, will reimburse the actual expenses incurred if you undergo hospitalization for Covid-19 or its variants for more than 24 hours.

These plans are not a substitute for comprehensive health insurance. They are just short-term health insurance plans that cover Covid-19 and its variants. It is important that you and your family have a comprehensive health insurance policy that will cover hospitalization expenses of all kinds of ailments, infections, and injuries – and not just Covid-19. And it is important that you get it NOW.


Protect Yourself From The New Strain of Covid-19 Variant-Omicron!

Amidst the spread of COVID-19 across the country, people are facing a lot of issues related to health & other life-related issues. The Indian Government is leaving no stones unturned & taking all precautionary measures to curb the spread of the virus and its variants including the Omicron.

Experts are still learning about this variant & its deadly effects. It has around 50 mutations, which potentially makes the variant more transmissible & deadly. There are almost 50 mutations & 32 are in spike proteins. The virus uses them to enter the human cells. 10 are mutations of exceptionally high relevance.

This deadly virus is surely a “Variant of Concern”, placing the new strain into the most troubling category of Covid variants, along with Delta, and its less strong rivals Alpha, Beta, and Gamma.

The WHO had expressed its concern & said that it is not yet explicit whether infection with Omicron causes more serious disease compared to other variants, including Delta. The known mutations that may withhold immune escape potential and possibly transmissibility advantage. The likelihood of potential further expansion of Omicron at the global level is soaring.

The likelihood of potential further expansion of Omicron at the global level is soaring. The total global risk associated with the new VoC (a variant of concern) Omicron is estimated as very high.

Omicron Variant Safety Precautions

The oncoming of the new deadly Covid-19 variant shows once again that the pandemic is far from over — and Covid-norms to be followed strictly for breaking the chain of transmission:

Following are the preventive measures that you must take in order to protect yourself and your loved ones from the Omicron variant:

  1. Mask yourselves while venturing out of your house
  2. Be in good ventilation in all shared spaces
  3. Maintain social distancing practices when in public places
  4. Wash your hands regularly with soap and water for around 20 seconds and carry a sanitiser with you
  5. As per Govt guidelines, get your shot of Covid vaccine at the earliest

In these Covid times with growing medical needs and rising inflation, we must secure ourselves with a medical health plan. A simple outpatient procedure can make your wallet considerably lighter.

An insurance policy will help you get the best medical care and you don’t have to worry about expenses. A good insurance plan ensures you don’t have to dig into your savings in the time of a medical emergency.

It also helps cut down the cost of medical expenses in cases such as day-care procedures & routine check-ups. At the cost of a small premium every year, you can protect yourself and your family from huge financial losses in the time of a medical emergency.

Health insurance comes with a plethora of benefits that are not just limited to offering financial cover during medical emergencies but also offers you peace of mind.

Even though you are in good health at the moment, health insurance covers more than only illnesses and diseases. Accidents can happen at any time, regardless of one’s age or level of physical ability.

In such a situation, having health insurance could be beneficial. Coverfox.com has tied up with multiple insurers to provide the best health plans including Covid-19 health plans. If you wish to get comprehensive protection we would recommend going for comprehensive health insurance else there are COVID 19 specific policies such as Corona Kavach and Corona Rakshak you can opt for.

 
Corona Kavach Policy (Corona Health Insurance)

This plan grants you a cover against hospitalization due to Covid-19. Although, one needs to get hospitalized for a minimum of 24 hours/full day. This Corona Kavach Policy covers your covid-19 hospitalization cost, bills related to AYUSH treatment that go up to Rs. 5 Lakh & expenses related to home treatment as well.

The expenses of items that are consumable are also covered in this policy. These items include PPE kits, oxygen cylinders, ventilators, masks, gloves, etc. The advantages of the policy under the terms and conditions of the Corona Kavach policy remain the same regardless of the insurance provider.

ELIGIBILITYSPECIFICATIONS
Age of Entry18-65 years
Types of CoverageFamily Floater or Individual
Sum Insured AmountRs 50k – 5lakhs
Discount % on Premium5% for doctors & health workers
 
Corona Rakshak Policy (Coronavirus Health Insurance)

If you are found covid positive & if it’s diagnosed in the policy term period, you receive a lump sum amount on your hospitalization. However, the hospitalization needs to be for a minimum of 72 hours/3 Days. The timeline of this policy is minimum 3.5 months & maximum 9.5 months.

ELIGIBILITYSPECIFICATIONS
Age of Entry18-65 years
Types of CoverageIndividual
Sum Insured AmountRs 50k – 2.5lakhs
Discount % on Premium5% for doctors & health workers

Key Takeaways- During these unprecedented times, you must focus on protecting your as well as your family’s interest & health. This is why it is recommended to own a reliable health insurance plan with COVID-19 cover to avoid any uncertainties. You can select either COVID-19 specific health insurance plans or regular health insurance plans to get the required cover. All you need to do is connect with the customer care executives at Coverfox.com and share your budget and other requirements. The representatives will help you buy the most suitable policy within a few minutes. 

Source: coverfox.com

4 Importance of Health Insurance during Covid-19 | Deeva Ventures Pvt Ltd

4 Importance of Health Insurance during Covid-19

How does health insurance act as your rescuer during the covid-19 outbreak? India has one of the lowest healthcare penetrations in the world, according to the Central Government data.


The same statistics also report that more than half of all healthcare-related expenses in India are borne out-of-pocket which is much lower than the global average.


In a time like this, the importance of having adequate healthcare coverage cannot be stressed enough.


Why Do We Need An Insurance Cover For Covid-19?

During this pandemic, everyone is at increased risk and since the disease is also new to the world, the treatment is still being developed and optimized.


Health insurance during this time is very important and the following points will stress why it is important.  


1. ICU Requirement is High in Covid Treatment: The challenge with Covid-19 treatment is that quite a-several hospitalized cases require intensive care treatment and ventilator support, eventually.


With the current caseload in India, both of these are scarce and expensive which drives the cost of treatment upwards very quickly.


Cases of hospitalization charges running upwards of Rs. 10 lakhs in tier 1 and tier 2 cities are not uncommon. Without Mediclaim, this is a huge bill for the average Indian citizen.


2. Income Benefit: Some healthcare plans have income benefits that can help families coping with financial difficulties arising out of unemployment (due to hospitalization) triggered by this pandemic.


3. Expensive Protective Gear: Even wherever hospitalization doesn’t require intensive care, the cost of general treatment is high due to the special protective gear required for Covid-19.


Personal Protective Equipment (PPE) kits including gloves, masks, and other supplies to protect healthcare workers come at a cost, and the final bill amount could still end up in a few lakh rupees due to this.


4. Emergency Coverage: Often there is a requirement for immediate hospitalization due to oxygen levels falling abruptly.


This is more of a concern in rural and semi-urban areas where regular transport at odd hours might be difficult.


During such times, ambulance cover provided in a healthcare plan can be a savior.


Conclusion

Healthcare in normal times is imperative, during a pandemic it is indispensable. According to Insurance Industry insiders, the rate of healthcare enrolment in India has gone up sharply post the Covid-19 pandemic.


Hopefully, people have already begun to realize the importance of having adequate coverage for tough times. 


Learning in Lockdown

5 Financial Lessons from COVID 19

As the nation grapples with the devastating impact of COVID 19 and financial markets gyrate to the tune of incoming news flows, a number of valuable financial lessons come to the fore. Here are five important ones.


Adequate Health Insurance is a must

Many of us rely on our company-provided Mediclaim policies to fund our healthcare emergencies. What we fail to account for, though, is the fact that an unexpected job loss could leave our families without health insurance protection almost overnight. 


Also, worth considering is the fact that COVID 19 treatment costs have run into several lakhs for many affected patients. 


The crisis has certainly taught us the importance of having an optimal quantum of high-quality health insurance coverage in place, notwithstanding your company provided Mediclaim.


Timing the market is futile

When the NIFTY sank to sub-8000 levels in March and sentiment was at its lowest point, doomsday predictions were a dime a dozen. Investors made a collective beeline for the redemption button and exited equities. 


However, markets have since staged a smart recovery, and are showing definitive signs of strength. The takeaway here is the well-worn fact that market timing is impossible, and so should therefore not be attempted. 


The only way to create long term wealth from financial markets is to follow a contrarian approach by accumulating equities when fear is at its highest point and to sit through the rough rides thereafter.


An Emergency Fund is vital

If there’s one Financial lesson that the COVID-19 crisis has taught us, it’s the critical importance of building a savings pool that can be used to ride out a prolonged contingency. 


An emergency fund is the most basic pillar of sound financial health. Make sure you’re putting away money consistently into a financial instrument that is low risk in nature and gives you the comfort of easy and immediate access to capital. 


Follow the thumb rule of having 6 to 12 months of fixed monthly expenses stashed away at all times – you never know when you might need it, as emergencies don’t come announced.


Discipline makes a world of difference

The most effective antidote to the host of behavioral fallacies that plague our day to day investment decisions is to follow a disciplined approach. 


In fact, this argument carries even more weight during volatile times such as these. Investing via SIP’s (Systematic Investment Plans) without giving a second thought to market levels or the unending stream of good and bad news flows that inundate our minds on a daily basis, can prove extremely effective. 


In the long run, such automatic averaging would go a long way in ensuring fantastic portfolio returns. Stay disciplined.


Unadvised Investing can be injurious to your portfolio!

Needless to say, unadvised investors who went down the direct plan route in a hapless bid to save on investment costs have had a harrowing time of late. 


Without the valuable support of a “coach” in the form of a qualified Financial Advisor, many of them have taken regrettable investment decisions in the past couple of months that will have long-term ramifications on their future wealth creation. 


For best results, seek the support of an experienced and proven Financial Advisor who will be acting in your interest at all times. COVID or no COVID, flying solo can prove dangerous to your Financial Health!

 

 

Health is Wealth

13 Points to Remember Before Buying Health Insurance

Choosing the correct health insurance plan is an important decision for all of us. Not only is health a true wealth, it gives a sense of security and peace of mind for both you and your family. 


It always assures us of the best chance to get well, just in case something goes wrong. Here are 13 points to consider before buying health insurance.


  1. Buy health insurance early

The earlier you buy, the better for you because as you grow older you are likely to become less insurable. Some of the benefits that I see while buying health insurance at an early age are as follows:


  • No medical checkups.
  • Lower chances of rejection for buying a health insurance plan.
  • Coverage for all diseases.
  • Hassle-free policy renewal.

  1. Sum assured

In simple terms, the sum assured is the maximum amount you get as coverage in a policy year. It’s the basis of all your claims. 


Before you select your sum assured, consider the rising costs of hospitalization and treatment. 


It’s better to go for a higher cover, but at the same time, it shouldn’t be so high that you have to go out of your way to pay the premium.


  1. Co-pay and sub-limits

Insurance companies have introduced co-pay and sub-limits to prevent hospitals from billing them unreasonable room rents. In co-pay policies, you have to pay part of the expenses, regardless of the sum insured. 


For instance, if there’s a 10% co-pay in a policy, the insurer will pay 90% of the expenses while you have to bear the balance. Besides, many treatments are capped by insurers to reduce hospital claims. 


The system is called sub-limits. Choose a policy with fewer sub-limits. Many insurance companies have no capping on the room rent. Ideally, select a plan which has no co-payment or sub-limits.


  1. Critical illness

Most comprehensive healthcare policies cover critical illness. It’s not required to go for another policy. It’s better to opt for a comprehensive plan and then top up insurance which doesn’t cost much. These two would be enough for most of the issues.


  1. Family Floater

It’s always better to invest in a single plan which takes care of your family members including you, such as the Family Floater instead of taking the separate plans for each of the family members as the premium for multiple policies will be higher than the premium for a single policy. 


Also, In Family Floater the full coverage, if required, can be utilized by a single member of the family.


  1. Restore benefit

This feature will allow you to reinstate the basic sum assured, in case you have already exhausted the sum assured and the multiplier benefit within the policy year. 


But market experts say that the benefit is unavailable on the same illness where the limit has been already exhausted.


  1. No claims bonus

Insurance companies generally provide a no claims bonus to a customer if there are no claims against the policy in the preceding year. 


Before buying a plan, check out the quantum of no claims bonus, which often ranges from 5% to as high as 100% of the Basic Sum Insured. 


A high no claims bonus can cover you against medical inflation and you won’t have to increase your coverage every year.


  1. Pre-existing, waiting period and exclusions

Pre-existing diseases are the ones you have at the time of buying the policy and most insurers have a waiting period for such ailments. 


If you have one, your insurance company may not give you a cover against it while subscribing to the healthcare policy. 


The pre-existing disease, depending upon the insurer, usually gets covered after at least a couple of years. Many insurers take four years in this regard. It’s also important to check the list of exclusions. 


For instance, if you have diabetes at the time of taking the policy, kidney ailments may be excluded from the list if it’s caused due to diabetes. Don’t hide any pre-existing health issues when you buy a policy. It may greatly reduce your claims in case of hospitalization.


  1. Annual free check-up

Many insurance companies provide a free health check-up to the subscriber. But it always comes at a price that is embedded in the premium. You may go for it only if you are keen to avail of the facility every year. 


It’s also important to check whether a healthcare policy, which is renewed every year, covers you for the entire life because life expectancy is increasing, courtesy; improvement in medical technology. 


While the majority of the popular policies give whole life coverage, there are a few that cover only till 75-80 years.


  1. Maternity and daycare

Many recent policies now extend cover against day-care procedures in hospitals that don’t require an overnight stay. 


Before buying such a policy, check out the number of procedures covered in the plan that doesn’t require overnight hospitalization. Besides, if you are planning a baby, ensure that the policy covers maternity expenses. 


Most insurance companies don’t consider maternity as a medical emergency and if you have no plans for a baby, you shouldn’t look for it because the price is embedded in the premium.


  1. Top-up plans

Rising medical costs call for large covers. However, not all can afford high premiums. This is where a top-up plan comes useful. 


In a standard plan, your insurer pays up to the sum assured. But top-up plans don’t pay until your bill breaches a particular limit.


  1. Air ambulance

This feature covers the expense for Air Ambulance transportation for emergency life-threatening health conditions which require immediate ambulance transportation to hospitals in India & abroad. 


Many insurances cover air ambulance up to 10% of the sum assured while some offer up to 5 lacs with a maximum of 2.5 lakh per hospitalization.


  1. Global coverage

Cover your medical expenses related to inpatient & daycare hospitalization incurred outside India, provided that the diagnosis is made in India. Few companies offer global cover for critical illness only whereas few offers for any planned medications.

 

It’s quite important to select the right coverage or else you will increase your premium. Remember a 4 inches pizza with more toppings will not help a family of 4. You need an 8 inches pizza either with more topping or less. 


Now that you are aware of things that you need to keep in mind while buying health insurance, why wait? Call our success planners to get quotes from top insurers. You can easily compare plans and buy.

 

 

 

 

 

 

 

Covid-19 is a financial stress!

3 Amazing Advantages to the Employer

The recent COVID-19 pandemic outbreak and the sky-high costs of treatment are huge stress on most of the business. Group Health Insurance for your employees can be a Saviour.


3 Amazing Advantages to the Employer


  1. Motivated Employees: In today’s scenario, when Covid-19 treatment reached a great height, group health insurance is considered as an added benefit. By ensuring against higher hospitalization costs, employers can motivate their employees.                 
  2. Helps in Retention of Employees: These days more and more companies have become employee-centric and group health insurance has become one of the most preferred benefits to attract and retain talented employees.                                                                                                                                                                                                The group policies also cover the family members of the employees, making the employees feel more attached to the organization.                                                                                                  
  3. Low Cost: Group health insurance policies can be bought at low cost to the employee, as it is like buying in bulk, gives discounts.

Corona Kavach policy is an indemnity plan where the hospital bill gets reimbursed. The coverage as well as the terms and conditions of the policy remain identical across companies.                                                                                                                                  


Sum Insured of Rs 50,000 to Rs 5 lakhs, subject to age limits of one day to 65 years. The policy period can be three and a half months, six and a half months, or nine and a half months.