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These days, the three most common terms are isolation, quarantine, and lockdown due to COVID-19, which have influenced the world enormously, as far as daily lives and health are concerned. COVID-19 outbreak has affected the economy, and millions have been going through financial constraints. The health and well-being of millions remain the highest priority during the spread of COVID. IRDAI (Insurance Regulatory and Development Authority of India) notified Health Insurance providers to induce coverage for coronavirus in the standard policy and provide a fast-track claim settlement facility.
Now, medical insuranc providers are even more committed to supporting people during the spread of the virus, offering COVID specific health insurance plans. The virus, rising medical costs for hospitalisation, and correlated medical expenses have increased the necessity of health insurance plans with an adequate sum insured.
Let us look at different aspects to understand the role of Health Insurance during the COVID Outbreak.
The role of Health Insurance in the COVID era
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Changed perspective
Due to the COVID outbreak, everyone is at risk. Therefore, more people are keen to buy medical insuranc policies. The pandemic has changed everyone’s mindset by making them realise that infection due to coronavirus is a distinct possibility. There was a time when tax benefits were one of the primary reasons to buy health insurance, and it was viewed as a voluntary task. Post-covid, medical insurance has been considered a necessity rather than an alternative to avoid financial burdens due to unexpected medical crises.
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Preventive check-ups
Insurance companies offer preventive medical check-up facilities with a health insurance policy that helps the insured to know about health risks. There can be a threat of critical illnesses due to low immunity. In the fast-paced and stressed work from home schedules, you may forget to check for health risks. Thanks to your medical insuranc, you can come to know about an ailment to be treated on time. Insurance companies offer the insured annual or half-yearly preventative medical check-up facilities with their health plans. Health check-ups can also be capped yearly, half-yearly, or once every two years, depending on your plan and insurance provider. Older people are more prone to diseases; therefore, you can buy a parents medical insurance separately to secure them financially.
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Coverage for huge treatment cost
One of the biggest challenges of COVID is its large treatment amounts. The thought of finances steals the mental well-being of an individual, especially those who have no sound financial background. More and more people started to consider a medical insurance plan to reduce such anxiety regarding finances. It has become a necessity for survival. In the pandemic era, a significant upwards trend has been recorded in the sale of medical insurance policies. During the pre-covid ages, around 32% of citizens purchased comprehensive insurance plans, and after the COVID outbreak, this figure has increased to 55%. The reason is better awareness of insurance as a preventive step and the ability to meet huge treatment costs.
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Immediate cashless hospitalisation
If you find any symptoms of COVID and are covered under health insurance, you can go for immediate cashless hospitalisation. You can avoid depositing cash in the hospital.
Thus, a medical insurance plan covering COVID 19 can protect you against unforeseen medical expenses. The world is still fighting against this epidemic. You can take preventive steps with a good medical insuranc policy with an insured sum. With leading insurance providers, you can find a specific health insurance policy with the option of covering the entire family.
