Why is having health insurance the new normal?

The importance of holding health insurance has increased with the impact of COVID-19. The last two years have proved that lives are uncertain, and anything might happen to anyone, no matter how old you are. Right from a newborn baby to aged elders are not with the health risk. At the same time, it is also unpredictable for anyone to have sufficient money in their bank accounts or savings to meet any unforeseen medical expenses. This ultimately ends up borrowing money or pledging jewels/jewelry or selling property to meet the considerable expenses to save the life of your lovable family member.

To avoid such unpredictable situations and ensure that the entire family is covered by good health insurance plans, becoming aware of the new normal in the medical insurance sector is crucial.

Today, with the vast awareness created on the importance of medical insurance as a result of the impact of COVID-19 on human life and the effect of COVID-19 on the economy, many people are ready to buy the best health insurance policies in India that primarily covers COVID-19.

The pandemic waves are still unpredictable even after more than two years of their emergence on this planet. Therefore, we are unsure about how many Covid waves we are going to face. However, preparing ourselves with a good health insurance policy can at least give peace of mind, ensuring that anytime you are ready with a secured source to meet your emergency medical expenses.

The new normal by the health insurance companies now create the most convenient and flexible choices to buy your covid insurance. With the number of purchasers responding to this COVID-19 pandemic, a considerable number of insurance policies are moving in a fast phase. To ease people’s choice and buy their affordable health insurance for COVID-19, the insurance companies are giving plenty of options, including fees or premium wavering, easy and quick communication, and other assistance. The present pandemic scenario has given a clear picture of how the future might go unpredictable, and being prepared to handle any situation at any moment has become important over the long term of your life.

Factors emphasizing having health Insurance is the new normal: 

1. COVID-19 has created enormous changes in everyone’s life. It has also impacted businesses right from a tiny range to huge organizations. This pandemic has caused a considerable downfall that brought a significant shift in various industrial processes. At the same time, the way how businesses and industries function has also changed in the last 2 years 
2. Besides, the world economy, travel sectors, trade, and other sectors have also been affected by this pandemic. Moreover, all sectors have experienced a considerable transformation fundamentally by the way they are functioning. In this array, the insurance sector has also experienced a drastic change in its operation, processes, claims, and, most importantly, products and services 
3. COVID-19 has not only medically affected people but also their complete financial levels. The main reason for this is the medical emergency that arises during the pandemic period. Therefore, the insurance companies have started providing health insurance in India with COVID-19 coverage. This has given significant relief to many people from financial pressure 
4. In addition, the insurance companies have also made some mandatory changes to health insurance after the impact of COVID-19 on the Indian economy and people’s health. These changes were made to handle the situations effectively 

More facts to prove about having health insurance in new normal: 

Here are a few more factors to emphasize the need for changes in health insurance:

• From December 2019 to the end of 2020, coronavirus has caused a substantial unexpected pandemic worldwide. This has affected human life majorly while causing a massive death toll. The main reason for such casualties is insufficient funds to meet the medical expenses within the emergency time. This has now created a need to think of adding COVID-19 coverage in the health insurance in the new normal.
• By considering the fatality rate associated with COVID-19, the insurance companies are offering immunity by introducing many new products. 
• Seeing the importance of insurance plans that focus mainly on providing coronavirus treatment, most of the policies offered by insurance companies have the cover for COVID-19.
• The primary motive for insurance companies to introduce such plans is to protect the policyholder from financial trauma that comes with medical treatments related to the virus 
• Moreover, severe COVID-19 impacts have forced insurance companies to process the claims within a short timeline quickly. They have also made cashless services possible with most of the hospitals and substantial coverage along with to ensure maximum protection 
• In addition, IRDA – Insurance Regulatory and Development Authority has recently given advisory for quick and effective handling of cashless claims to the policyholders and settles the claims faster as possible 
• Online presence is another key highlight of the new normal of insurance companies. The policyholder can anytime and from anywhere access the policy online quickly without any waiting time 
• The documents uploading is also made more accessible and quickly from the safety of the policyholder’s home, and therefore, the policyholder can easily use the digital sources to get the claims with just a few clicks 
• Most insurance policies covering COVID-19 will require only simple details and easy premium payment procedures. Besides, the hassle-free claim settlement process has become another critical highlight of new normal 

The above-said points would have given you a clear idea that having health insurance is the new normal. Besides, before you propose to buy an insurance policy covering COVID-19, it is crucial to verify the details like premium amount, term period, maximum sum assured, types of claims, riders if any, and other information. However, ensure that you can easily access and claim it online without any difficulty, mainly when an unforeseen health impact happens.