The Ever Growing Need For Health Insurance Post-Pandemic

The sales of health insurance policies have boosted after the pandemic as the people have come to realise the importance of having protective financial aid for medical emergencies. The health insurance covers offer various features and benefits that helps the policyholders financially and it also provides them with a sense of peace when receiving treatment for any medical condition. During the pandemic many people lost their loved ones to the life-threatening influence of the coronavirus, and therefore to ensure quality treatment at the private hospitals, the health insurance providers have rolled out different types of affordable plans for the customers.

It is important to check the coverage of the plan when purchasing it to make sure that it meets your requirements for any pre-existing diseases, medical history, etc. at an affordable price. IRDAI has made it compulsory for the health insurance providers to include COVID-19 covers in all their regular plans for the policyholders. Policyholders also get a choice to customize their plans according to their needs so that they can avail maximum benefits out of their purchased health insurance policy. These plans are saviours at the time of an emergency and come with features like OPD charges, room rents, ambulance costs, hospitalization expenses, etc.

Reasons For Increase In The Need of Health Insurance Plans Post-Pandemic

Let us look at the reasons behind the ever growing need for health insurance plans post pandemic:

• Increase In Awareness

Over the last few years, people have come to understand the importance of having some financial backup for medical emergencies. In today's world, due to the pandemic, changes in lifestyle, increase in pollution, etc. people have become more vulnerable to life-threatening diseases which can cost a fortune when treated at the private hospitals. Using a health insurance cover, people can not only protect themselves but also their loved ones under the same plan with extended coverage.

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• COVID-19 Coverage

IRDAI has mandated all the health insurance providing companies to include COVID-19 specific covers under their regular health insurance plans so that everyone can have access to it. During the pandemic, due to improper medical attention, many people lost their loved ones, and therefore, to ensure quality and cashless treatment at private hospitals linked with the insurer, it is necessary to have a health insurance policy.

• Additional Benefits

Health insurance policies provide additional covers like top-up plans, super top-up plans, add-on covers, etc. which enhance the coverage of the existing health insurance policies. There are various additional covers which can be bought for specific coverage at an affordable price like critical illness plans, personal accident covers, maternity benefit covers, organ donor expenses, etc. Foreign health insurance coverage, extra sum assured, no claim bonus, room rents, second opinions in case of critical diseases, etc. are some inbuilt additional features which can be availed by the customers at the time of claim settlement process of the purchased health insurance policy.

• Rise In Inflation

There has been a rapid increase in inflation in the health sector and therefore, a regular medical treatment at a private hospital can burn a hole in one's pocket. To help the people against the high cost of treatments, the health insurance providers have come up with extensive policies at an affordable price. A medical treatment for critical diseases like diabetes, cancer, hypertension, lung diseases, heart diseases, etc. can drain the savings of an individual and make them stressed. Therefore, health insurance policy ensures quality treatment for the policyholder cost-effectively.

• Women Are Keener

There is a trend post-pandemic that women are keen to invest in health insurance cover rather than any other things as it can protect their family against chronic and critical diseases like coronavirus, cancer, diabetes, etc.

Conclusion

To protect yourself and your loved ones against the high medical expenses you must invest in suitable health insurance policies that are under your financial budget and provide comprehensive coverage.

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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.