How the COVID-19 Pandemic Reshaped the Health Insurance Industry?
The COVID-19 pandemic has shifted our perspective on how we select treatment options and see medical insurance. The difficulties in getting a hospital bed, scheduling a doctor’s visit, and paying an unimaginably high medical cost due to inadequate medical facilities have opened the eyes of millions. People are re-evaluating their finances and health insurance in Mumbai and across other cities to ensure that they are adequately covered in the event of a medical emergency.
Today, the focus is not just on securing finances in the face of a medical emergency but also on ensuring enough coverage to meet advanced needs during a pandemic. With the onset of the COVID-19 pandemic, the health insurance industrny has evolved to meet the demands of today’s health insurance seekers. Here’s how the pandemic has reshaped the health insurance industry:
1. Telemedicine coverage
The frequent lockdowns, curfews and social distancing norms had made it tough for patients to make it to the hospital. Due to stringent restrictions, people have been forced to turn to online mode to seek doctor’s consultation. Amid all these, the Insurance Regulatory and Development Authority of India (IRDAI) has recommended all the insurers to cover the telemedicine cost in the medical insurance offered by them. Telemedicine is explained as a doctor’s consultation, especially over the internet via WhatsApp, video calls, or other online medical platforms.
2. Digital adoption
The need for preventive measures such as social distancing has fuelled the demand for online policy. People are switching to digital platforms to get instant cover for themselves and their family. One of the major benefits of switching to online mode is contactless policy issuance. During the pandemic, insurers have developed a cutting-edge digital-first interface that allows you to obtain instant coverage easily.
Some of the other benefits of online health insurance include instant claim filing, purchasing add-ons, instant renewals, etc.
3. Introduction of Coronavirus-related policy
The severity of COVID-19 infection has opened the way for the requirement of a coronavirus-specific insurance policy. Two health insurance policies were recently launched to meet such a need. One is the Corona Rakshak policy, and the other is the Corona Kavach policy. The scope of the coverage of these plans has been determined by the IRDAI’s recommendations. These policies also cover the costs of PPE kits, gloves etc.
These plans are available for a shorter period. You can purchase this policy for 3.5 months, 6.5 months, or 9.5 months.
4. Quick claim processing
Health insurance companies have expedited their claim processing due to the urgent need for cash to combat the coronavirus disease. You can submit your pharma bills, hospitalisation bills and other documents to the insurer’s app. Once the insurer verifies the bills, the claim is settled shortly.
To sum it up
The health insurance industry has changed a lot during the COVID-19 pandemic. It has only come up with solutions that benefit the customers in many ways than one. Everything is easier than ever before, from buying health insurance to claims.
