It was in the year 2020 when the deadly Corona Virus hit the world at large. No one knew how to fight this unknown disease. Everything from medical equipment to generic medicines was either expensive or out of stock. There was worldwide turmoil.
Moreover, with the discovery of the treatment, the cost of treatment identified was quite higher, putting a huge financial burden on everyone. Thus, considering the crisis, the Corona Kavach Health Insurance policy was introduced.
Now you will think, what is the Corona Kavach policy? How is it going to help in fighting COVId-19? And most importantly, how is it different from the insurance plans already available in the market? Keep reading this article to get all the answers to your questions.
What is Corona Kavach Health Plan?
On July 12, 2020, the Insurance Regulatory and Development Authority of India (IRDAI) launched the famous Corona Kavach health insurance policy. It is a short-term and indemnity-based policy specifically designed to cover various expenses that an individual incurs during COVID.
In short, it is a policy designed to empower citizens to fight COVID-19 without facing any issues or financial troubles.
What are the Features of Corona Kavach Health Plan?
The treatment for COVID-19 can be very costly. Thus, it can put a lot of financial stress on your pocket. To effortlessly navigate such high medical costs and avoid the financial burden, the Corona Kavach health insurance plans were introduced. Some of its features are:
1. Affordable Family-Floater
The Corona insurance plan caters to family floater plans. Under the family floater, a 10% discount is given to the first family member, a 20% discount to the second family member; the third family member gets a 30% discount, and a 40% discount for every member after that.
2. Reduced Waiting Period
Unlike other available health insurance plans, the waiting period in Corona Kavach Health Plan is reduced to a great extent. In this plan, the waiting period for processing of the policy is only 15 days.
3. One Time Subscription
One distinctive feature of this scheme is that you do not need to pay monthly, quarterly, or yearly payments to keep the plan active. There is a one-time payment plan where you must pay the premium once.
How has the Corona Kavach Health Plan Impacted the Insurance Industry?
Earlier, the general health insurance policies did not have any provisions for COVID-19, due to which you had to pay for COVID-related medical expenses, but with the introduction of the Corona Kavach health scheme, there has been a drastic change in the healthcare sector. The impact of the scheme is as follows:
1. Coverage for Comorbid Conditions
Under the Corona Kavach Health Plan, if any patient goes through any comorbid condition during their COVID-19 treatment, then this plan covers the expenses for the treatment of comorbidity as well. Moreover, after the introduction of this scheme, several general health insurance policies also cover the treatment.
2. Priority Home Care Treatment
The plan also covers home care treatment for up to 14 days depending on the seriousness of the condition. It includes several benefits like COVID-19 test kits, diagnostic tests, oxygen cylinders, consultation fees, etc. Before the introduction of the Corona Kavach policy, home care treatment was neither given much preference nor was every health insurance plan used to provide cover for it. But nowadays, most health insurance plans also have coverage for home care treatment.
3. Coverage of Hospitalisation Expenses
If you are admitted to a hospital for more than 24 hours, then the corona kavach health insurance policy covers your hospitalisation expenses. It includes room charges, medical appliances, charges for ventilators, etc. It comprises nursing charges, consultation fees, and charges for ICU. The biggest impact the scheme has made is that it has entirely changed the coverage method and norms.
How Will Technology Pave the Future Road for Corona Kavach Health Insurance Policy?
Technology has been ever-evolving, and there is no sector left that hasn’t been impacted by it. The health insurance sector is not different. The upcoming trends in the technological sector can help you in paving the path for the policy. Some of them are as follows:
You can receive medical consultations remotely through video conferencing, minimising the risk of virus transmission. Insurers can comprise telemedicine services into their policy offerings, allowing you to access healthcare from the comfort of your home. This technology can also reduce costs by eradicating the need for in-person visits.
2. AI-Powered Claims Processing
AI-powered claims processing can significantly improve the efficiency of the claims process. This means your claims can be reviewed and settled much faster, minimising the wait time. Additionally, this technology can help detect false claims and ensure that legitimate claims are processed quickly.
3. Data Analytics
Insurers can use data analytics to identify patterns in healthcare usage, allowing them to offer customised policies that meet your specific needs. This technology can also help insurers to monitor your health and provide proactive healthcare recommendations, reducing the risk of hospitalisation and books pdf download lowering healthcare costs. By leveraging data analytics, insurers can provide personalised policies and services that better meet your needs.
The Corona Kavach health policy has completely changed how our insurance industry works. It has helped people in need and made sure that the desired coverage.
Moreover, having health insurance against COVID-19 is a must. So, if you do not have a health insurance policy, then you can consider Niva Bupa Health Insurance. The noteworthy thing about them is they have a fast claim settlement process. So, check out their plans today!