Following a recent increase in covid-19 cases, the Insurance Regulatory and Development Authority of India (IRDAI) has stated that all health insurance policies will be required to cover expenses for treatment of infections/diseases due to covid-19. Omicron variant.
According to the press release, the regulator clarified that all health insurance policies issued by all general and health insurance companies that cover the cost of treatment for Covid-19 also cover the cost of treatment to the Omicron variant of Covid-19 under the terms and conditions of a policy contract.
Last year, the regulator issued a press release and said: “All indemnity-based health insurance products that cover the cost of treatment of hospitalization offered by all insurers cover the cost of treatment hospitalization due to Covid-19”.
Insurance companies should put in place an effective coordination mechanism with all their network providers (hospitals) to make a transparent cashless facility available to all policyholders in the event of hospitalization, if necessary, and provide prompt services to all policyholders, the Irdai press release said.
Hospitals are also required to honor service level agreements (SLAs) with insurance companies to provide cashless treatment to Medicare policyholders.
With the rise in Omicron cases, a new wave of fear and restrictions is growing across the country. Several states, which have experienced a devastating second wave of the Covid-19 pandemic, have announced a series of rules to prevent the transmission of the new variant of the coronavirus.
According to a recent Living mint report, a total of 1,525 cases of the Omicron variant of coronavirus have been detected so far in 23 states and union territories. Maharashtra has recorded the peak number of 460 cases, followed by Delhi with 351, Gujarat 136, Tamil Nadu 117 and Kerala 109.