Why has demand for health insurance plans increased post-pandemic?

Why has demand for health insurance plans increased post-pandemic?

The sudden surge of COVID-19 cases in the last few months have underlined how expensive treatment costs can take a toll on the finances and impact our mental well-being simultaneously. The most common terms used in the last two years are Lockdown, Quarantine, and Isolation. No one had the slightest idea that these three terms will have a significant impact on our everyday lives. 

Observing the rapid increase in COVID-19 cases, the Insurance Regulatory and Development Authority of India (IRDAI) issued a circular to every health insurance company to include coverage for coronavirus that must have fast-track claim settlements and standard policy conditions. At the same time, the pandemic situation brought a huge shift in individual opinions on buying health insurance plans.

It cannot be denied that the virus made a serious impact on the economy. Millions lost their jobs and many businesses were shut down during the lockdown situation. Simultaneously, hospitalization and related medical expenses were rising fast that led to the increased interest to know more about health insurance coverage.  

Top reasons why the pandemic has raised the significance of availing health insurance plans

  • People started taking health issues seriously
  • Medical and hospital costs are increasing rapidly
  • Health insurance policy is the ideal way to ensure the safety of health and finance

People started taking health issues seriously

The lockdown in the pandemic situation has allowed people to contemplate their decisions related to healthcare. It has changed the mindset of many as they understood that getting infected by the disease is something that can happen to anybody irrespective of their health conditions. Previously, health insurance was regarded as an optional choice, but in the last two years, it has climbed the hierarchy of essential needs to live a healthy life. 

In the post-covid scenarios, medical insurance is a new normal. Nowadays, people are more concerned regarding the consequences of the pandemic on their health and finance. It cannot be denied that health insurance is nothing less than a financial cushion in stressful times. 

Medical and hospital costs are increasing rapidly

Two years back most people lived in the false reality that they would be able to meet their medical emergency through their savings. They also believed that their corporate health insurance would be sufficient to meet their medical expenses. However, the outbreak of the COVID-19 completely changed their perspective when they faced the harsh reality of costly healthcare services and other medical needs.

It can be said that the post-covid millennials are more aware of their health concerns as they have realised that viruses, increased pollution, bad eating habits, etc. can cause health issues at any time. These are the main reasons why many have started investing in health insurance so that they can protect themselves from high medical costs in the upcoming days. 

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Health insurance policy is the ideal way to ensure the safety of health and finance

With the fast increase of COVID-19 cases, hospitalization and medical costs increased simultaneously. Furthermore, the inclusion of COVID-19 treatment under the health insurance plan convinced people to get health insurance quickly to avoid any financial shocks due to medical treatment in the near future. Indeed, the ideal health insurance will not only offer them quality healthcare, but also peace of mind at the same time. 

Moreover, the increase in medical costs over time has made people realise the expense of medical treatment in case of testing positive for COVID-19 will drain their savings to a great extent. The major advantage of an ideal health insurance policy is it will cover a huge part of the medical expenses, including the pre and post-hospitalization costs. 

Significance of health insurance policies

 

  1. The medical expenses in India via universal healthcare is ₹1,713 per person per annum. In that case, it is quite a substantial expenditure based on the fact that India has a population of above 130 billion. Ã¢â‚¬â€¹
  2. According to a survey, 65.06% of Indians attempt to manage healthcare costs out of their savings that land them in huge debts.
  3. Inadequate allocation of money in the health sector has pushed 7% of the population below the poverty line. The government has not taken any strong measures to improve the situation. 

 

Conclusion

Based on the data given above, it is not difficult to ascertain that the situation of affordable healthcare is dire in this country. That is why health insurance plans should not be seen as a convenience, but they are a necessity in contemporary times. Now that you are well-versed with the benefits of a health insurance plan, make sure to contact us to know more about various health insurance plans and choose them according to your benefit.

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