ONE GOOD NEWS IS THAT INSURANCE WITH CORONAVIRUS COVERAGE IS AVAILABLE ON THE BULGARIAN MARKET

March 30, 2020

Hello, Mrs. Angelova!

As the COVID-19 pandemic is spreading at a very fast pace all over the world, including Bulgaria, we are all concerned and we cannot cease to ask what measures we can take to tackle the situation.

Which is why our Customer Service Department receives tons of inquiries daily related to protecting what is most precious to all of us - namely our health and well-being.
Our clients are curious to know if there are any available insurance products on the Bulgarian insurance market that cover Corona virus disease (necessary consultations, check-ups, treatment, temporary disability). They also want to know if these insurance products could alleviate the health and financial situation of the insured...

Here at 24ins, we are able to successfully offer these insurance products online: https://24ins.bg/health-insurances, but we would also like to leverage on your expertise and experience in the industry by asking you some essential questions:

•What insurance products related to the topic are currently available on the Bulgarian market and who are they targeting?
•The current economic environment in the country is really dynamic, which has definitely affected the insurance market. Some insurers reacted very quickly and included cornavirus as an additional cover in their health insurance products, while others explicitly excluded it. The good news is that currently, health products are available on our market in various combinations covering the necessary consultations, examinations and treatment for symptoms and diagnosis of Coronavirus disease. The products are suitable for both individuals and groups. We are able to offer customised limits of liability as well as different levels of coverage, fully tailored to the individual requirements and needs of each client..

•How do the insurance products differ - we see that they are named differently - Comprehensive Care, Good Health, Life Insurance and Supplementary Health Insurance?
•All of the mentioned above are various health insurance products that are offered by different insurers in the market. Regardless of the products' names, by their nature, they are life insurance products and voluntary health insurance products. The main differences between the products (of course, taking into account the relevant specificities under the General Conditions of each individual type of insurance, respectively insurer) are as follows:

Life Savings Insurance - This type of insurance combines insurance protection and a savings element by paying an insurable amount plus the interest and investment income earned over the years. Policies are taken out for a longer period of time, and some insurers offer the possibility of waiving subsequent payments if a certain percentage of disability has occurred.
Risk-based Life insurance - these insurance policies are usually taken out for 12 months and the main risks covered are the following: death resulting from accident and illness, permanently reduced or lost ability to work resulting from accident and illness, temporary incapacity to work resulting from accident and illness.
Voluntary health insurance - although different in scope and nature, health risks can be grouped into several main categories:
•Outpatient medical care - includes examinations and tests with a chosen physician;
•Hospital medical care - includes diagnosis and treatment in inpatient conditions in hospitals and clinics, medical examinations, manipulations and surgical treatment;
•Prevention - includes preventative medical activities related to early diagnosis of a disease;
•Supplemental health services and commodities - coverage for home treatment, assistive devices, etc.;
•Dental care;
•Drugs and Ophthalmic Expenses - coverage for prescription drugs, glasses/contact lenses, etc.

•Is the cost of the test that confirms the disease also covered?
•Tests to confirm the existence of coronavirus are ordered at the discretion of a medical specialist and are at this stage covered by the state. They are not covered by health insurance.

•Is it possible for anyone to take out such insurance? What levels of cover are offered?
•Yes, these products are suitable for both individuals and groups. Our recommendation is that anyone interested in this type of insurance should contact our experts who are available to provide detailed additional information on the benefits and specifics of each product.

•Are there any age and/or other restrictions that prevent one from taking out such insurance?
•Age limits mainly apply to individual insurance contracts, but they vary between insurance products and insurers. For group contracts, insurers usually agree to insure the whole group without applying age limits. In all cases, prior agreement with the insurers is necessary.

•Is it also possible to insure another family member??
•Yes, various combinations are possible.

•When concluding this type of insurance, what do you advise us to look for in the "General Conditions"?
•When taking out this type of insurance, it is our recommendation that each client gets thoroughly informed in advance about the applicable General and Special Conditions of their insurance, paying attention to the covered and excluded risks, the deferment periods or deductibles, if applicable, the territorial scope, as well as the time limits and the procedure for filing claims.

•Does the insurance cover for the risks: Loss of Life, Disability and Temporary Disablement due to Events of Illness - in the case of COVID-19, apply to existing Life Insurance, Health Care Insurance etc.?
•This depends on the applicable General and Special Conditions of each specific insurance contract. Some insurers exclude pandemic diseases entirely, others cover these risks. Other insurers cover pandemic diseases under existing insurance policies but do not provide this cover under new contracts. To help you feel confident in your choice, our experts are available for assistance and advice.

•Mrs Angelova, thank you for your time. Be safe!

Zheni Angelova is Head of Corporate Insurance Department at Broker Ins Ltd. The company is a licensed insurance broker with a twenty-year history and a leading position in the country. Broker Ins Ltd. is a member of the international brokerage group WING (Worldwide Insurance Network Group) and also of the Association of Insurance Brokers in Bulgaria (AIBB).

You can send us your enquiries at any time at https://24ins.bg/health-insurances by clicking Life Insurance and filling in your name, email and contact phone number.

Our insurance specialists will give you the best quote! You can order and pay for your insurance online. You can also use our 24/7, completely free of charge Contact Centre - 0700 4 24 24.

It is possible, especially in the case of life insurance with higher sums insured, and also when the applicant is of an advanced age, that the applicant may be sent for a medical examination and blood tests before the conclusion of the contract.
You should also take into account the fact that in individual health insurance contracts under voluntary health insurance, most insurers apply a certain deferment period in case of illness. In group contracts, such periods do not usually apply. The insurance enters into force after payment of the due insurance premium and the fulfilment of the insurer's requirements, if any.

Other useful links and phone numbers related to Covid 19:
For those who do not have a General Practitioner (GP) or are unable to contact one, a National Helpline is now open to contact if a case of Coronavirus is suspected: 02 807 87 57. On-duty epidemiologist of Sofia Regional Health Inspectorate: 02/832 91 62; 02/832 91 81; 02/8130 482 Health recommendations, advice and papers from the Department of Health: https://blsbg.com/bg/54.koronavirus-krizisen-shab-na-bls/

Questions and answers related to Covid 19: https://www.ncipd.org/index.php?option=com_k2&view=item&id=560:q-n-a-02032020-ncov&lang=bg

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