Covid health insurance policies to cover Omicron infection treatment costs – Business News

The insurance regulator has announced that health insurance policies that cover Covid-19 treatment costs will also cover expenses for treating infections due to the Omicron variant.

The Insurance Regulatory and Development Authority (Irdai), said, “All health insurance policies issued by all general and health insurance companies that cover treatment costs of Covid-19 also cover the costs of treatment towards Omicron variant of COVID-19 as per terms and conditions of policy contract.”

The insurance regulator’s directive to general and health insurers comes at a time when India is witnessing a rapid rise in Covid-19 cases, with a large number of infections caused due to the new Omicron variant.

Irdai has also asked insurance companies to put in place an effective coordination mechanism with all their network providers and hospitals to make available seamless cashless facilities to all policyholders n case of hospitalisation and render speedy services to all policyholders.

It may be noted that insurance companies went through a chaotic period during the second wave when people infected with the delta variant flooded hospitals, leading to massive claims.

It may be noted that in April 2020, the Irdai clarified that all the indemnity-based health insurance products that cover treatment costs of hospitalisation offered by all general and health insurance companies cover the costs of hospitalisation treatment on account of Covid-19.

India has so far reported over 1,800 Omicron cases, but 766 people have already recovered. While infection due to Omicron is believed to be milder than the previous variants of Covid-19, health experts remain on guard as it is much more transmissible. Maharashtra, Delhi, Kerala and Gujarat have recorded the highest number of Omicron cases.

Meanwhile, India has reported over 37,300 new Covid-19 cases in the last 24 hours, signaling a rapid rise in cases and case positivity across several states.