Money tip: Will your current health insurance policy pay for Coronavirus treatment? All you wanted to know

Coronavirus has become a global nemesis with a presence now in over 100 countries. That has made everyone fear the virus and they are all wondering if they need to take out separate Coronavirus insurance policy. The World Health Organisation has already declared it a Global Health Emergency. It has infected more than 1.5 lakh people while over 4000 people have already died due to it. The cases in India are also on the rise. The worst part is that it still does not have a cure.

You have a reason to worry despite having health insurance policy. What will happen if somebody is found to be infected with the virus? Will his or her policy cover the treatment?  Guest Harshvardhan Roongta, Certified Financial Planner and Amit Chhabra, Business Head (Health) at Policy Bazaar have answers for all your queries.

According to the experts, the Insurance Regulatory and Development Authority of India (IRDA) has directed all the insurance companies to include Coronavirus treatment in the current health insurance plans of policy-holders. The insurance regulator has also directed the health insurance companies to design Coronavirus specific health policies. The treatment should be covered in the policy.

The regulator has also asked the companies to complete all virus related pending claims.
 
Any health insurance policy will cover the treatment of coronavirus. The expenses will be met by companies issuing health insurance policies. The policy cover will include cost before hospitalisation, after the hospitalisation and ambulance charges.

Some insurers have come up with new health insurance policies.  

'Digit Plan' to take on the Coronavirus

-- Insurance startup  Digit has announced a plan specifically made for Coronavirus
-- The name of the plan is Digit Healthcare Plus
--The sum insured under the policy is between Rs 25000 and Rs 200000
-- This is a cash benefit policy, the premium starts from Rs 299
-- Full treatment covered under the policy

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-- On being quarantined, the policyholder will get 50% of sum insured
-- Premium on Rs 200000 plan is Rs 2027 +GST