In The Coronavirus Pandemic and Demand of Health Insurance in India

In The Coronavirus Pandemic and Demand of Health Insurance in India

2020 has surely been a year of realizations and these realizations have been for good. With this global pandemic 2020, it seems like a reality check for every individual living on this planet.

It would not be wrong in saying that probably one of our greatest achievements would be ‘Surviving 2020’. The novel coronavirus outbreak has made people understand the importance of a health insurance policy. Today, buying the same is no more a tedious task and one can easily check the health insurance quotes online. In this global pandemic, there has been a noticeable rise in the demand for a comprehensive health insurance plan in India.

2020- January... February... Lockdown, Isolation, Quarantine

Who knew that these words would leave such a huge impact on our lives? The COVID-19 has shaken each one of us from the core. Tracing back to the year 2015, Bill Gates had once shared his apprehension that there will come a time wherein the chances are high that people might die from a virus than any nuclear war.

And, Voila! Here we are in the global pandemic ‘the novel coronavirus 2020’.

Living in the Present

As per the recent statistics shared by the World Health Organization (WHO) on 19 August 2020, there are nearly 21, 989, 366 actives cases of coronavirus across the globe with nearly 775, 893 have lost their lives till now.

The impact could also be witnessed upon the economic fabrication of the country. The government also needs to plan accordingly and maintain the apt balance between lives and livelihood, save lives or open up the economy.

Countries like New Zealand, the Vatican City, Tanzania, Mauritius, Fiji, etc. have managed to successfully control the spread of this novel coronavirus. In India, the number of cases continues to rise, however, the recovery counts has been phenomenal. Although, Maharashtra remains the worst affected state as of now, with 160728 active cases and 21033 demises as per the data shared by the Ministry of Health and Family Welfare on August 20, 2020. The number of active cases in Mumbai stands at approx 17, 194.

How Prepared Are We?

As of now, one of the best defences against this pandemic is to have a health insurance plan in place. At the end of the day, it is health that is of utmost importance and anyone who thinks that buying a health plan is expensive, then a critical illness can easily create a hole in anyone’s pocket.

Yes, PPE kits, use of sanitizers, mask and gloves these are anyway important but on a larger scale having the health insurance policy is important. In association with the New India Assurance Company, the Wockhardt hospital has opened up a Kiosk desk that will provide health insurance services and support to the patients. This desk will assist the patients in regards to the health insurance queries, the medical insurance policy term and will also focus on increasing awareness in regards to the comprehensive health medical insurance.

The expense of treatment due to novel coronavirus in a hospital will vary from city to city, the sort of hospital one chooses, usage of the ventilator, ICU occupancy, number of days of hospitalization, and so much more. The isolation period could be of 14 days and more, which will add up to the hospital expenses.

Having the right health insurance policy with sufficient coverage will help you to meet the incurred hospital expenses and will also simultaneously protect your savings. In case, an individual who does not have the health insurance plan in place the hard-earned savings will be wiped out in a jiffy. The comparison of health insurance quotes online can be done from the comfort of your home to anywhere across the globe.

The Insurance Regulatory and Development Authority of India has already asked to make the health insurance products customer-friendly, which helps the customers to avail the maximum benefit from the purchased product. Besides, it has also issued the guidelines, which state that any claims related to this will be covered within the regular health insurance policy and in no case; the treatment will be denied to those who have an active health plan in place. Some of the insurance companies in India have also been trying to come with need-based products within the guidance of the IRDAI. The insurance providers have also been trying to ensure seamless services and support to the customers.

The insurance sector is not an alien to handling such outbreaks as there have been cases in the past as well. A standard health insurance plan provides cover for every type of infections and any individual who is hospitalized for straight 24 hrs because of the infection is eligible to claim the policy. Moreover, the health insurance plan will provide cover for both pre and post-hospitalization costs that could include diagnostic charges, some test, medicines, etc. However, it is advisable to check with your insurance provider in regards to the same and take a thorough understanding. Besides, compare the health insurance policy quotes online as it will help you to make an informed decision.

Which Health Insurance Cover Should I Choose?

In case you have a nuclear family, you can consider buying the family floater health insurance policy. You just need to pay a single health insurance premium and this plan will provide coverage to all the family members. A family floater health insurance plan in India fulfils the medical insurance needs of the family in all likelihood.

In case you are looking forward to higher coverage, it is advisable to look for individual health insurance plans for an apt sum insured on the premise of the city you reside and considering the rising inflation in the way that the medical exigencies are met.

Moreover, there are defined benefit plans available in the market. You need to check the same with the insurance company. With a defined benefit plan, the complete sum assured will be paid in the course of the hospitalization in case of specified ailments.  It essentially enables one to meet the long-term care expenses that could be due to any of the critical illness such as lung ailments, heart problems, and so much more. Besides, there are also daily hospitalization plans designed to meet the out-of-pocket medical expenses while the hospital stay. Assess your medical insurance coverage needs and be health insured and that will cushion you for a lifetime.

Guard your Health

The old saying goes, Health is wealth, and this is true. Buying a comprehensive health insurance plan in India will guard against any of the unforeseen medical expenses. Therefore, when it comes to planning a health portfolio, buy the insurance policy online with adequate coverage.

Do not compromise upon the security of your health and savings. Buying the health insurance policy online ensures that the savings are not at risk of being depleted in no time. When you collate the health plan quotes online you will end up saving money.

The Bottom Line

Even if you have comprehensive health insurance in place, you need to be even more careful and take care specifically in the times of COVID-19.

Anyone planning to buy the health insurance plan or is to go ahead with health insurance renewal check with the insurance provider if the policy covers consumables or not. At this point, limited health insurance plans cover consumables that are used to treat COVID-19 while processing the claim. So, check the detailed list of the consumables in the document as it will differ from one insurer to the other. Besides, check the health insurance plan quotes and remember health has to be on the priority. Take the wise financial step for a healthier life both physically and monetarily.

Tough times do not last long, so even this phase of novel coronavirus will also pass. The lockdown will end full-fledged in the coming times, we will lead the normal life and have already made changes in our lives and adapted to the ‘New Normal’ and been living in the open world for some time now.

Right from maintaining the social distance, washing hands, using masks and sanitizers, consuming liquids to increase immunity, we are doing every bit to ensure proper health care. Likewise, it is time to have the right health insurance policy, so that in case of any uncertainty your saving is not impacted.

Do not procrastinate. Act fast and now!