The economy and healthcare after the pandemic dealt a heavy blow, putting the entire nation at a standstill. COVID-19 is the third reported outbreak, following MERS in the year 2012 and SARS in 2002, both of which wreaked havoc in particular areas. It is reported that the deadly virus has infected and killed a lot of people.
Today, India is one of the top three nations worst afflictedCOVID-19, resulting in excessive inflation, particularly unemployment and medical inflation post-pandemic.
One of the most significant issues of COVID-19 is its high treatment cost, which may have a significant impact on the economic and mental well-being of many segments of society, particularly the poor and middle-class. In a country where health insurance policy coverage was less than 4% in the pre-covid era, the rise demonstrates that more and more individuals are beginning to regard a medical insurance plan as vital as other essentials for living.
However, following the pandemic, there has been an increase in the selling of comprehensive health insurance policies in India, aidedinsurers’ urge to attract more and more people through value-added offers. Policyholders are looking to reliable health insurers in India like Tata AIG for wellness benefits and coverage that extends beyond in-patient treatment.
One of the primary reasons for the surge in the sales of medical insurance in India is that the IRDAI (Insurance Regulatory and Development Authority of India) required every health insurance carrier to offer coverage for COVID-19 treatment as part of their standard health or family health insurance plans.
The IRDAI has also made it essential for insurance carriers to provide COVID-19 specialised short-term health insurance policies, notably the Corona Rakshak Plan and the Corona Kavach Plan. These plans were created specifically to assist policyholders in meeting the healthcare costs associated with the COVID-19 disease. All of the actionsthe IRDAI helped the policyholderskeeping them protected against medical eventualities during these difficult times.
Also, to meet the ever-increasing demands of the customers, leading insurance companies like Tata AIG, are increasingly putting forward additional benefits either as add-ons/optional riders or built-in together with their health insurance plans.
So, Why Such a Rise in Medical Insurance?
Listed below are the reasons why medical insurance plans are on the rise post-pandemic:
Financial Protection Against an Ongoing Pandemic
We’ve been trapped in our houses for over a year because of a pandemic that began as a tiny fire but quickly devoured numerous countries. Being infected with a coronavirus can be fatal. The treatment costs are likewise exorbitant. Having robust health insurance coverage will give financial stabilitycovering medical expenditures incurred as a result of COVID-19.
However, the costs only cover hospitalisation and do not cover self-isolation or quarantine. It is best to confirm the terms of the coverage with your insurer.
Fight Lifestyle Diseases
Hundreds of people in India could soon be affectedlifestyle disorders. Why? Because most people now work from home, they live sedentary lives with poor food habits, little exercise, and hectic schedules. If you have a lifestyle condition that requires hospitalisation, comprehensive medical insurance coverage might provide a financial cushion to fall back on.
This is why health insurance policies are more necessary than ever. With active health insurance, you and your family will have one less thing to worry about.
Receive Higher Value Cover
Individuals have now realised the need of having more health insurance coverage. As a result, many reputable insurers in India like Tata AIG now provide high-value comprehensive coverage that includes in-patient and outpatient treatment as well as post-hospitalisation coverage. If you have not purchased comprehensive medical insurance coverage, you may be financially drained in the event of a medical emergency.
Many insurance companies provide critical illness insurance as an add-on that covers a variety of life-threatening illnesses. It is recommended that you purchase this coverage to protect yourself from growing medical expenditures if you are diagnosed with a serious disease.
To sum up, the coronavirus pandemic has highlighted the significance of health as well as medical insurance policies. It has forced people to come to grips with the idea that how vital it is to remain financially protected since situations, especially medical problems, arrive without a warning sign and might result in financial hardship combined with emotional sadness.
However, while selecting a health insurance plan, it is equally critical to review the plan’s coverage. You can search for the best insurance plans online and purchase health insurance for you and your family from renowned insurance providers in India like Tata AIG and others to keep yourself protected against any mishap.