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What is Corona Kavach, health Insurance recently launched during a pandemic?
IRDA – Insurance Regulatory and Development Authority is the regulatory body governing life insurance, general insurance, and health insurance companies. IRDA has taken an initiative for the welfare of the state by making mandatory for all insurance companies to bring an affordable health insurance plan for the citizen of India who could afford such health insurance cover – Carona Kavach.
What is Corona Kavach?
Corana Kavach is an indemnity Health Insurance that covers the basic hospitalization expenses related to Corana or Covid 19 disease. Indemnity policies cover actual expenses as specified by the terms and conditions of health insurance, medical expenses incurred on hospitalization due to diagnosis of presence of COVID-19.
As mentioned below:
Room, Boarding, Nursing Expenses as provided by the Hospital/Nursing Home
Surgeon, Anesthetist, Medical Practitioner, Consultants, Specialist Fees, whether paid directly to the treating doctor/surgeon or the hospital.
Anesthesia, blood, oxygen, operation theatre charges, surgical appliances, ventilator charges, medicines and drugs, costs towards diagnostics, diagnostic imaging modalities, PPE Kit, gloves, mask and such other similar expenses (Expenses on hospitalization for a minimum period of 24 hours are admissible)
Intensive Care Unit (ICU)/Intensive Cardiac Care Unit (ICCU) expenses.
Note, the waiting period is a very vital feature of all health insurance covers. In Corana Kavach the waiting period is 15 days from the date of starting or date of commencement. Well, Corona Kavach is a measure taken out by IRDA for the citizen of India after 4 months of the pandemic however it’s an indication that the effect of the pandemic will have an after effect even after several months of the downward trend of pandemic. Corana Kavach comes in the range of 3.5 months, 6.5 months, and 9.5 months across all companies up to a maximum of 5 lac sum insured.
The average retail healthcare inflation is rising at a steep rate of 7.14 % for 2018-19 from 4.39 % in the year 2017-18. 2019 saw inflation in healthcare more than education and housing.
What factors are contributing to this rise in healthcare expenses?
Rajesh Chowdhury
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