India has confirmed 39 cases of coronavirus that has caused serious concerns among most Indians. Although best thing is to take precautions and preventive measures, in case you get infected, the treatment may seek weeks of hospitalization. The cost of treatment becomes a critical issue in case of a prolonged hospitalization. This is the main reason why most people buy health insurance policies. However, as coronavirus is discovered recently, all policy holders with active health insurance policies are worried if their health insurance will cover the treatment of this deadly disease named coronavirus.
To address the concerns of the policyholders and to bring clarity on the coverage of corona virus, the insurance regulator agency IRDA has come up with guidelines for the health insurance companies. The regulatory body stated, “Where hospitalization is covered in a product, insurers shall ensure that the cases related to corona virus disease (COVID 19) shall be expediously handled.”
IRDA has issued strict instructions to health insurance companies against rejecting any claims related to coronavirus. “All the claims reported under COVID 19 shall be thoroughly reviewed by the claims review committee before repudiating the claims,” the regulator said in the guideline.