Impact of Coronavirus on Health Insurance Sector
As the Coronavirus hit the world it has firstly impacted the healthcare sector. It challenged our healthcare systems in different ways in regarding of precautions necessities, treatment and infrastructure causing the anxiety and distress to the citizens. As per the situation our only hope moves towards the Health Insurance Sector. By continue going with the article we go through the Impact of Coronavirus (COVID-19) on Health Insurance Sector for Indians. COVID-19has impacted the Health Insurance Sector in a positive way for Indians.
COVID-19 Impact on Health Insurance Sector for Indians
Before the COVID-19 attack and during normal days, the health insurance policy requires the patient to be admitted in a hospital for at least 24 hours to claim for the insurance. But now the things changed since the Coronavirus outbreak patients are asked and advised to stay at home in quarantine and the requirement of admitted in a hospital is no longer required.
Some insurance Companies started giving benefits of home healthcare where the insurer is allowed to get ailments & treatment at their home. While other insurance companies started covering home healthcare on a case-to-case basis
A Lot of Health Advisors and Experts are looking at these benefits as a game changer which reduces the stress on hospitals which presently is dealing with the high numbers of patients which become hectic for them to handle. Medical, Paramedical Staff & Workers are facing difficulties in handling the daily increasing numbers of affected persons. So this strategy of insurance Companies to providing benefits from home will only encourage more people to take these insurance services
The Insurance Regulatory and Development Authority in India (IRDAI) has also adds up with two standardized Covid-19 health insurance policies which all the companies throughout India have to mandatorily offer from July 10th.
First policy is going to known as Corona Kavach which covers the disease with a tenure ranging from 3.5 to 9.5 months. The Second policy is an optional benefit cover which pays out a fixed amount.
At the end there are emergency covers. In past, life insurance companies could will provide long term policies only but the regulator has both life and non-life insurers So new short-term Covid-19 health covers for a period of 3-11 months is also introduced.
Impacts of Coronavirus on Health Insurance Sector for Indians are in view to make these policies affordable to those ones also who are not able to afford them earlier or to those who don’t have a health insurance cover. The changes made by the companies are surely a positive step, but this we have to look whether these policies will Change or remain constant even after the pandemic will over.