How COVID-19 highlighted the importance of health insurance?

2024-08-02

874 Views

Locate branch

Resume journey

Pay Premium

The three most commonly used terms these days are Lockdown, Quarantine, and Isolation. Who would have had the faintest idea that these three terms will have such a significant influence on our daily lives and not merely health? Seeing the rampant effect of the pandemic, the Insurance Regulatory and Development Authority of India (IRDAI) published a circular to every citizen and health insurance company to render coverage for coronavirus, with standard policy conditions and fast-track claims settlements. The COVID-19 pandemic outbreak further induced an imprinted shift in individual opinions on buying health insurance plans.

The virus negatively affected the economy, causing millions to face monetary constraint and damages. This, accompanied by the increasing expense of hospitalization and correlated medical expenditures, has increased the eagerness to learn more about and get health insurance plans.

As per IRDAI, the health insurance sector saw double-digit growth in September 2020, becoming the largest non-life insurance business. Currently, health insurance enjoys an insurance market share of 29.7 per cent, with a growth of 15.8 per cent in 2020 from ₹24,864.41 crores in 2019.

These numbers show the increasing demand for health insurance policies as the pandemic continues to spread. What's more? People are presently ready even to pay higher premiums to purchase the most suitable health insurance plans.

Four Ways COVID-19 Emphasized the Importance of Buying Health Insurance

1. Change in perspective

The COVID-19 pandemic has created a change in the mindset of people by making them realize that getting infected by the disease has now become a distinct possibility. While earlier, health insurance was viewed as voluntary, frequently at the more profound levels of an individual's regime of needs, now it has become superior. Among the panic-like situation encompassing the condition, people now consider that health insurance policies are more of a necessity than an alternative.

2. Reality check

Earlier, individuals believed that they could satisfy the expenses of a medical emergency through their savings. Additionally, several people assumed that their corporate health insurance cover would be sufficient to accommodate coverage. The outbreak of coronavirus has transformed these perceptions and gave an essential reality check to people without a health plan. Hence, people are buying health insurance plans during COVID-19 pandemic.

3. Understanding the importance

With the accelerated rise in coronavirus cases, people acknowledged the truth that health insurance is as essential as taking proper care of their health. The best health insurance policy would enable them to live a flourishing life and facilitate access to quality health care. In the long run, health insurance would guard their finances.

4. Inflation rates

With the medical inflation rising at twice the rate of overall retail inflation, individuals now recognize that the expense of availing of medical treatment if they test positive for coronavirus will render their financial well-being in a hodge-podge.

How to Safeguard yourself from Coronavirus?

India has now stepped into a stage where the lockdowns are being raised systematically. As soon as an infected person coughs, sniffles, or communicates, the virus circulates through droplets. Also, by surface contact, you need to follow guidelines, such as social distancing, wearing masks, and sanitizing your hands repeatedly.

Besides, it is evenly essential to buy the best health insurance plans instantly. This is because one can nevermore control the risk factor - despite following all the guidelines - of getting the virus. Health insurance will function as guarding financial protection against the pandemic.

An essential benefit of the best health insurance policy for coronavirus is that it will cover a massive slew of medical expense, like pre and post hospitalization expenses, COVID-19 hospitalization expenses, homecare treatment directed by a medical practitioner, ICU charges, treatment for comorbidities, and admittance to alternative treatments such as AYUSH.

Thus, the outbreak of the COVID-19 pandemic has shifted the mindset of people about availing health insurance policies. Along with an unexpected medical crisis growing a discrete probability, individuals have now understood the significance of health insurance. Before purchasing a policy, you must select a trusted and reliable health insurance company.

Disclaimer

This article is issued in the general public interest and meant for general information purposes only. Readers are advised to exercise their caution and not to rely on the contents of the article as conclusive in nature. Readers should research further or consult an expert in this regard.