Coronavirus has affected millions of people across the globe, with the increased in confirmed COVID-19 cases reported in India, several people have become vigilant to protect themselves from the deadly virus. In order to alleviate the hardships that policyholders may face during the corona outbreak, the Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines to the health insurance industry to expeditiously settle hospitalization claims related to coronavirus disease under health policies. So, let’s first understand what health insurance is and how it is helpful?
What is Health Insurance?
It offers complete coverage against emergency medical expenses that occur during a medical emergency including corona. After submitting the required documents, you can get the claim either as a cashless facility or reimbursement. Health insurance is helpful in a medical crisis because it provides:
- Immediate cashless hospitalization in emergency
- Cover pre and post hospitalization expenses
- Hassle-free claim settlements with minimum documentation
- Diagnosis expenses
- Cover for day care treatment
- Ambulances expenses
- Cover number of diseases
- Lifelong renewability
- Annual Health Check-Up
- No Claim Bonus
What is IRDAI (Insurance Regulatory and Development Authority of India)?
IRDAI is an independent regulatory body that governs life insurance, health, travel, and general insurance companies. The head of IRDAI has the credibility of the insurance market and maintains a balance for fair practices to keep the companies at one pace. The primary aim of IRDAI is to protect the interest of policyholders during claims, issuance, and cancellation of the policy. It tames the insurance market to create healthy competition amongst the insurance providers. Read below the new guidelines of IRDAI that will help common people to avail the best healthcare.
>> Check: A complete COVID-19 Pandemic Glossary
Easy Claim Settlement
IRDAI instructed health insurance companies to settle the claims for coronavirus cases on priority. Corona positive policyholders should get their claim timely so that they can start the treatment without getting worried about money.
Admissible Medical Expenses
According to the applicable terms and conditions of the costs of admissible medical expenses during the treatment including the quarantine period shall also be settled and extant the regulatory framework.
In order to provide comprehensive coverage to the infected policy holders IRDAI has also instructed health insurance companies to come out with new health insurance plans that cover treatment, medicines, and diagnosis costs for coronavirus infection.
Under the new guidelines, all the claims reported under COVID-19 shall be thoroughly reviewed by the review committee before rejecting the claims. This is to make sure that the insured gets the best out of the health insurance policy during the corona crisis. Therefore, to prevent any misdeed and safeguard the interest of policyholders and stakeholders, IRDAI takes several majors from time to time. It regulates the rates, terms, and conditions in the insurance market. It’s advisable to prefer a trusted brand like Care Health Insurance (Formerly Religare Health Insurance) that offers comprehensive health insurance plans and follow the terms and conditions led by IRDAI to protect the interest of every policyholder.