India has come a long way from fighting COVID-19 to rising above it. However, just after the lockdown was lifted and companies started urging employees to return to the workplace, a concern remained: who would protect employees against COVID-19 at the workplace? That is why COVID-19 coverage was introduced under the group health insurance policy.
Before the pandemic, companies often purchased group health insurance without this coverage; however, COVID-19 changed everything. Thus, it becomes crucial to understand the exact benefits of this coverage for employees and organisations.
COVID-19 Cover Under Group Health Insurance Policy
COVID-19 is a communicable disease that spreads through air and human contact. Although the spread of COVID-19 is now contained and people are more aware of precautionary measures, the disease has not been eradicated.
That is why, to safeguard the welfare of employees who are most exposed to COVID-19, the Insurance Regulatory and Development Authority of India (IRDAI) made it mandatory for every organisation to provide COVID-19 coverage under their group health insurance policy.
Benefits of COVID-19 Cover Under Group Health Insurance
Here are some of the benefits of COVID-19 coverage under the group health insurance that employees can take advantage of.
IRDAI Mandatory
As per the orders from the Insurance Regulatory and Development Authority of India (IRDAI), it has been made mandatory to provide COVID-19 coverage to every employee of an organisation. Without this coverage, companies are not allowed to start their in-office operations.
Medical Expense Coverage
Under the group health insurance policy, employees are covered for medical expenses related to COVID-19. It means that all financial expenses incurred, from diagnostics to treatment and medicines, will be covered by the policy.
Employee Dependent Coverage
Several group health insurance policies extend their coverage to employees’ dependents; the same applies to COVID-19 coverage. The policy provides COVID-19 coverage to the employee’s spouse, children, and dependent parents.
Provides a Sense of Security
COVID-19 is a life-threatening disease, and providing coverage for this disease gives employees a sense of security. They feel safe and secure coming to the office premises to do their work.
Employee Loyalty
When employers buy medical insurance for their employees, they establish a good rapport and loyalty in their minds. This loyalty is reflected in the work of employees and the productivity of their outputs.
Inclusions and Exclusions of Coverage
Like any other insurance policy, the COVID-19 cover under a group health insurance policy has its inclusions and exclusions. Here are those.
Inclusions
Pre and Post-Hospitalisation Cover
The COVID-19 cover provides coverage for expenses incurred during pre- and post-hospitalisation treatment. It includes expenses such as diagnosis, doctor’s appointments, and medicines etc.
Second Opinion
The COVID-19 coverage under the group health insurance policy also provides coverage for expenses related to a second medical opinion. For example, if you are not satisfied with the diagnosis from your first doctor’s visit, you can always seek a second medical opinion without worrying about finances.
Daycare Treatment Cover
The group health insurance policy also provides coverage for expenses incurred during COVID-19 daycare procedures.
Ambulance Cover
In case you need ambulance services from your resident to the hospital or from one hospital to another recommended hospital, then the COVID-19 coverage will also cover its cost.
Exclusions
Pre-Existing Diseases
The COVID-19 coverage under the group health insurance policy is limited to treatment for coronavirus disease 2019 (COVID-19). If the insured is suffering from a pre-existing illness, there will be no coverage for treatment of that illness.
Maternity or Newborn Cover
There is no coverage for maternity or newborn treatment under the COVID-19 cover of the group health insurance policy.
Waiting Period
Several health insurance policies have a waiting period; similarly, there is a 30-day waiting period for getting coverage under COVID-19. Thus, if you make any claim before the waiting period, you will not get a claim.
Summing Up
The COVID-19 pandemic has changed the way the entire medical and insurance field operates. Before the pandemic, group health insurance policies typically provided coverage for most medical emergencies; however, with the addition of COVID-19 coverage, the policies have become more comprehensive.
As employees, one must check for this coverage in their group health insurance policy. Employers have the responsibility to find a trusted insurer, such as TATA AIG, which includes this coverage in their group health insurance, to comply with the IRDAI orders.
Moreover, organisations can buy business insurance online, such as fire and burglary, marine, and workers’ compensation, to safeguard their other assets.
