The Insurance coverage Regulatory and Improvement Authority of India (Irdai) has sought well being and common insurers’ views on overlaying the price of covid-19 vaccination beneath their present plans, a medical health insurance govt stated, including that the trade physique Common Insurance coverage Council has opposed the transfer.
Based on the manager, who confirmed receiving Irdai’s communication within the first week of January, the transfer might result in abuse and misuse of insurance coverage insurance policies, in addition to placing a heavy financial burden on insurance coverage corporations.
“The regulator’s question was additionally centred on whether or not covid-19 vaccines are coated and the way they’re coated beneath well being plans. There isn’t any advisory on this entrance from the regulator as of now,” the manager stated, looking for anonymity.
As medical health insurance insurance policies are indemnity-based plans (the place hospitalization bills are reimbursed), an individual who’s hospitalized for at the least 24 hours and is given a covid-19 vaccine can declare bills.
Alternatively, if an insurance coverage coverage gives out-patient division advantages, it would cowl the price of the jab.
Nevertheless, well being insurance policies that include an OPD cowl are usually fairly costly and consultants stated that is one motive the class hasn’t picked up up to now. The transfer can even pose operational points.