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How beneficial is the add-on home treatment cover in comparison to addition in premium?

Very few medical insurance plans pay the value of treatment at home underneath domiciliary treatment cover.

During the second wave of Covid-19 pandemic, dearth of hospital beds compelled many critically-ill sufferers to keep again at home and search treatment at home itself. To assist such sufferers, some hospitals even declared Covid home care package deal, the place sufferers had been offered medical doctors’ session, medicines and occasional care at home for a set rate.

However, only a few medical insurance plans pay the value of treatment at home underneath domiciliary treatment cover.

So, regardless of having a medical insurance cover, many Covid sufferers ended up paying from their very own pocket the value of treatment acquired at home due to unavailability of beds in hospitals.

To assist such sufferers, the Insurance Regulatory and Development Authority of India (IRDAI) has issued an announcement permitting home treatment as an add-on cover.

But how beneficial will likely be the add-on cover be in comparison to the addition in premium?

“The IRDAI’s decision will now allow customers to add a Domiciliary cover to their base health policy as an add-on. It will allow customers to select a domiciliary cover without disturbing their base policy or having to wait for the next renewal. This a great initiative which will give flexibility to the insured,” stated Shankar Bali, Joint MD, Vidal Health.

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Although the knowledge about the quantity of extra premium for the add-on cover is not accessible but, the add-on covers are usually cheaper than stand-alone insurance policies.

However, there are doubts about the utility of such an add-on cover as soon as the Covid-19 pandemic is over.

Talking on the problem, Bali stated, “It’s true that the need for much wider reach of domiciliary cover was highlighted by Covid-19. It will benefit different customer segments and also hospitals in extending post-op care at home rather than in hospitals. I think this will have a long-term positive effect on the products.”

As some medical insurance plans have already got in-built domiciliary treatment cover, what will likely be the affect of the choices on such plans?

“The IRDAI decision should not impact the policies with built-in domiciliary treatment cover. This proposal is to introduce add-on covers to the other existing policies,” stated Bali.

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