Importance of Health Insurance After 2nd Wave

The phase of the coronavirus pandemic has been a tough one for all the people around the globe and it has taken a lot of twists and turns through all these years like the unexpected second wave of the coronavirus disease. The economies have collapsed and the various sectors have come to the verge of being shut but somehow everyone has put in their efforts to revive their work with the help of collective hardwork and digitalization. Due to the inflation in the health sector, the cost of treatments of various diseases increased, as a result of which a lot of people could not afford quality treatment for coronavirus disease in the private hospitals.

The coronavirus disease requires immediate medical attention and sometimes ventilator support for intensive care. But, due to the lack of quality treatment and high prices, a lot of people have lost their loved ones during the pandemic. Health insurance plans provide the customers the benefits of availing extensive features at an affordable price. The IRDAI has mandated the health insurance providers to include COVID-19 specific covers in all their regular health insurance plans for all the policyholders.

Importance of Health Insurance Plans After The 2nd Wave of Coronavirus

The sale of health insurance policies has boosted after the coronavirus pandemic, as the health insurance plans compensate for your medical expenses in case of an emergency. It ensures you quality treatment at private hospitals at an affordable price and comes packed with other exclusive benefits like tax deduction, no claim bonus, free healthcare checkups, etc.

Following are some of the key points that signify the importance of health insurance plans after the second wave of coronavirus pandemic:

• Change In Lifestyle

There has been a significant change in the lifestyle of the people due to COVID-19 pandemic. People who have a medical history of critical diseases like diabetes, lung diseases, heart illnesses, etc. are more vulnerable to contract coronavirus disease. The work from home regime due to the lockdown during pandemic has affected the people mentally and has made a large population to stress out, due to prolonged periods of screen time.

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• Inflation In The Health Sector

There has been a rapid rise in the cost of treatment of certain diseases in the private hospitals, which can potentially burn a hole in the policyholders’ pocket. To help the people in compensating for their medical expenses and to avoid the customers from exhausting their financial savings, the insurers have rolled out affordable and comprehensive health insurance plans.

• Tax Benefits

Policyholders who are also taxpayers can get tax reduction benefits under Section 80D of the Income Tax Act. However, this should not be the sole reason to invest in a health insurance plan. You must analyze your choices and then choose a suitable health insurance plan that can bear fruits at the time of claim settlement process during a medical emergency.

• Wide Coverage

A health insurance plan provides wide coverage to the policyholders with COVID-19 specific features like expenses of gloves, masks, nebulisers, intensive care, PPE kits, etc. There are COVID-19 specific plans like Corona Kavach Plan and Corona Rakshak Plan that are extensive and comprehensive. Some plans also include AYUSH treatments for their policyholders. You can customize your plans based on your choices and buy suitable plans for yourself.

• Offers Quarantine Covers

Health insurance plans after the coronavirus pandemic, offer compensation for quarantine treatments on the prescription of the government recognised doctor. People have been recommended to stay quarantined due to unavailability of hospital beds and if their case was out of danger.

Conclusion

A health insurance plan has become very important over the past few years and therefore, it is essential that you buy a suitable plan for yourself and your family wisely. You must consider and explore a lot of options before investing in a particular health insurance plan.

Also Read: Tips to Choose the Right Health Insurance in Times of COVID-19

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