Do you need Covid-specific Health Insurance?

Covid specific Insurance is Health Insurance that can be used if you test Covid positive, only for that one cause. It falls in the micro-insurance category like dengue insurance or swine flu insurance.

There are 2 types of Covid Health Insurance : 

1. Covid Kavach which takes care of hospitalisation bills just like a regular mediclaim.

2. Covid Rakshak which pays you a fixed amount on Covid diagnosis.

Who should opt for Covid Health Insurance?

-- Those who have no Health Insurance - If you have no health insurance get Covid Health Insurance immediately. That's a no-brainer, really.

-- Those who have only employer provided insurance - Covid bills can get fairly high and your employer cover may not be sufficient to cover all your family members, since Covid spreads easily among family by the time someone develops symptoms. If you rely only on the employer provided health insurance you need to get Covid Health Insurance.

-- Those who have Health Insurance without cashless facility - Most PSU Health Insurance like New India Health Insurance or National Insurance etc may not be accepted as a cashless option by hospitals for any hospitalisation. If you’re facing a cash crunch & your Health Insurance comes without a cashless facility you must have Covid Health Insurance for all family members.

-- Those who have a low Health Insurance cover -- If you have Health Insurance of 3 or 5 lac, especially a family floater, which covers all family members it may be insufficient to cover Covid bills for all family members.

-- Those who have employees - If you have employees you are responsible for their treatment during Covid hospitalisation. For every person you employ you must get Covid Health Insurance.

Moreover, Covid-specific insurance acts as a buffer for :

1. Loss of income if any, for the period of recovery.

2. Inflated hospital bills which have become fairly common.

3. Things your comprehensive Health Insurance may not cover either due to a waiting period or some technicality.

4. Family-floater covers not being sufficient for the entire family, if the need arises.

Being aware & responsible at a time like this has become even more important & making sure your savings are protected in case you get infected by Covid will arrest atleast the financial harm Covid can cause.

Read on to understand the types of Covid-specific Health Insurance.