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Health Insurance

Will Covid 19 Vaccine be covered under your health insurance policy?

2020 has been a year that has been hailed for all wrongdoings by almost everyone. The most important reason for that apart from all personal tribulations is the spread of Covid 19. People have just been hoping for better options in the upcoming year. Because of this uncertain pandemic, there has been a surge in people’s awareness regarding health insurance policies. Now the new area of concern is whether the Covid 19 vaccine that will soon be available in India and will it be covered under people’s health insurance policy or not!

Will Covid 19 Vaccine be covered under your health insurance policy? 1

This is not the hidden fact that India’s population is on the rise, and many candidates are applying for the vaccine. Pfizer, Serum Institute of India and Bharat Biotech are the entities working on the vaccine’s availability. However, here the question arises: will the expense of acquiring this vaccine be covered in the health insurance policy? The answer to this question is that only specific health insurance policies will cover the coronavirus vaccine’s expense, not all. 

A specific procedure will be followed while ensuring oneself for the vaccine under the health insurance policy. Generally, health insurance companies cover hospitalisation expenses, pre and post-discharge expenses. So if a person is tested positive for coronavirus and is hospitalised, gets his/her treatment, and also receives the necessary vaccine within that time period, then the expense of the vaccine will be borne by the health insurance company as it is going to be the expense of the treatment of an ailment that the person is suffering from. 

However, people who want to get a vaccine dose as an outdoor patient then the terms and conditions of the health insurance policy need to be checked whether such a facility is covered under it or not. There is an exception in this clause also, i.e. if the person has filled in the outdoor patient cover as well after payment of additional premium in their health insurance policy, then the cost of the vaccine will be covered by the company. 

Such a health insurance policy covering the outdoor patient costs covers costs related to doctor’s consultation fees, pharmacy bills, and vaccination cost, but these policies are more expensive than the regular ones available in the market. For example, ICICI Lombard’s iHealth Plus Plan covers cashless OPD services and other similar facilities, as mentioned above. 

The outbreak of coronavirus has made everyone skeptical of the times we live in. So, there have been steps taken by the insurance companies in the form of several schemes associated with curbing of preventing people from the dangers of coronavirus. These features include plans with options to cover the cost of PPE Kits for people and their family members (as per the agreement in their respective health insurance policy) and cover costs of home treatments. Considering all this, there is a possibility that the cost of vaccination can be covered in health insurance policies.

The insurance companies estimate that since the currently available indemnity plans do not cover vaccine costs, it can be given a critical status in the health insurance policies and be included in their plans. This can be possible when the vaccine has been thoroughly tested, implemented and introduced in the market, its availability and pricing also become an area of certainty.

Generally, vaccines are not covered under the health insurance policy because vaccine happens to be a preventive measure, and preventive measures do not qualify as treatment procedures. Hence they are not covered. That is why some companies cover it under their OPD plans. 

There can be a question related to a health insurance policy that whether a new health policy can be purchased to find security against the perils of Covid 19. To answer this, it is essential to make sure that proper guidelines are read and executed before purchasing any policy.

One should take care of a few steps. 

  • First, if you or your family member is already suffering from Covid 19, the health insurance plan will not be awarded to you. You are not supposed to suffer from any illness (under which you are applying) before you sign up for the policy. 
  • Second, you will have to serve the waiting period before any claim is filed for the treatment cost. The waiting period has to be fulfilled. 

Various health insurance companies are providing short term covers. Still, no company till now has gone for a complete health cover related to this fatal disease as no one is themselves confident of what the course of future concerning this pandemic will be like. That is why the insurance companies have taken no full concrete measure, but it is being looked as the hopeful prospect that may be in future, there will be many options. 

Under the Insurance Regulatory and Development Authority of India (IRDAI) guidelines, all companies have to make them adept for accruing the costs of Covid 19 for people. This means that people who have an existing health insurance cover can extend it covering Covid benefits but under specific guidelines that need to be looked in before accepting any of the claims entirely. An example of this is implementing benefits covers for Corona infection and hospitalisation, including Home and Alternate forms of treatment like AYUSH. 

Vaccine or no vaccine, a health insurance policy is a must for everyone in today’s scenario. Considering the fast-paced life and the availability of online services, why should you buy insurance offline. Visit and easily search for the product that suits all your needs in no time. Even if you need help, our highly qualified insurance advisors are always there to guide you. 

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