How Covid-19 Has Highlighted the Importance of Medical Insurance in Our Lives?

Since 2020, there have been around 53.9 crore cases of Covid-19 and 63.2 lakh deaths worldwide. India is one of the worst-affected countries, with around 4.33 crore cases and 5.25 lakh deaths due to the virus. This was a new strain of virus that was unknown to us that spread rapidly across the globe. While the treatment involved medicines and isolation at home, some patients needed to be hospitalised and required ventilator support.

As the number of cases in India grew, the Insurance Regulatory and Development Authority of India (IRDAI) mandated all health insurers to offer coverage for coronavirus with common policy terms and quick claim settlements.

While the pandemic changed people’s perceptions of medical insurance policies in India, the rising cost of medical care made people realise the benefits of having a cashless health insurance policy for themselves and their loved ones. People are increasingly considering health insurance policies as essential tools against unforeseen medical exigencies.

How You Can Protect Yourself From Coronavirus

The best way to keep yourself protected is to keep your distance from an infected person. Make sure that you wear a mask while in a public place and sanitise your hands frequently. Despite the precautions, if you were to, unfortunately, catch the virus, then you need to ensure that you have a medical insurance policy that offers financial protection against the virus. Coronavirus insurance in India is offered by most insurers.

Impact of the Pandemic on the Importance of Health Insurance in India

Before the pandemic, many people felt that health insurance was required for people who fall ill frequently. However, the pandemic made them realise that anyone can contract a disease or an infection. Also, the rising costs of medical treatment have added to the need for having a health insurance policy. Today, a large majority of the country’s population considers medical insurance in India to be a necessity and not an option.

Traditionally, people used to have separate savings for medical expenses. They believed that they could manage the costs of a medical emergency using their savings. Also, working professionals who received a corporate health insurance cover believed that the company-issued policies were sufficient to take care of their medical needs. The pandemic has changed these perceptions.

As the number of cases in India increased, people started realising that they needed to take better care of their health. Also, they needed to have a covid 19 insurance plan to handle medical emergencies. This ensured that if they caught the virus, they would get the best medical treatment without having to worry about the costs.

Another prime reason for the gradual inclination towards health insurance in India is the rising medical inflation. During the pandemic, many people realised that if one or more of their family members tested positive for Covid-19, the cost of availing of medical care could burn a hole in their pockets. Having the best health insurance policy could save them from a significant financial burden.

Summing Up

The coronavirus pandemic changed people’s perceptions about health insurance policies. Since medical emergencies started becoming a possibility, people started realising the high costs of medical treatments and the importance of health insurance plans. However, before you buy a policy, make sure you research the insurance providers and compare plans and choose the best option.