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Why Pandemic has made health insurance a priority?

Since the coronavirus changed its status from epidemic to pandemic, the 21st century has been divided into three timelines: the years before COVID, COVID, and after COVID. Right now you are on the COVID timeline where cases are increasing day by day. Although the initial lockdown slowed the spread of the virus, the numbers have been rising since the government unblocked the country. Today, more and more people are at risk of infection, which medical insurance has revealed.

Max Bupa conducted a survey of people in 11 major cities in India to find out how important time is in the face of the current crisis. They found the following:

  • 10% of respondents wanted to invest in health insurance before COVID
  • 71% of respondents believe that health insurance is essential to cover the cost of COVID today
  • 73% are willing to pay a higher premium for a policy that covers COVID-related hospitalizations.
  • 73% are more concerned about health spending than other future goals
  • 72% of respondents are ready to purchase COVID health insurance immediately

These numbers have left one thing for sure: health insurance is the need of the present in the COVID era when no one knows when this pandemic would subsidize.

Do you know why health insurance is suddenly a priority? Let’s find out

A growing number of cases

As of August 7, 2020, India’s COVID number has passed the 20:30 lakh mark. (Source: Weltometer). Tens of thousands of new cases add to the total every day and there doesn’t seem to be a break. As the number of cases increases, people are more susceptible to contracting the virus. As the likelihood of infection increases over time, people want to be insured with a health insurance plan so that, in the event of infection, the plan will cover the cost of hospitalization. and quality health care.

Preference for stays in private hospitals

Although the government treats COVID patients in state hospitals for free or at negligible cost, people prefer private hospitalizations. Basic equipment and quality of care are considered best in private hospitals and are therefore preferred. However, private hospitals are expensive. Hospitalization, even with a mild case of coronavirus, can cost INR 30,000-50,000 per day. Given the need for a longer stay, the cost becomes unacceptable. Therefore, a health plan is necessary for people to benefit from a stay in a private hospital.

Loss of employment and/or decrease in income level

The economy has slowed significantly as a result of nationwide foreclosures, labor migration, declining demand, and uncertainty. Many small and large companies have introduced Pink Slips and/or have imposed a pay cut. During these difficult times, people want to protect their savings from the potential financial threat of COVID infection. As such, they are ready to invest in financial security health plans.

For these reasons, health insurance is a priority for consumers alongside face masks and disinfectants. Two new specific COVID plans, Corona Kavach and Corona Rakshak have also been launched, which are solely aimed at covering the medical costs of COVID infection.

If you haven’t been covered by a health plan, don’t hesitate. If you have a health insurance plan, check the adequacy of the coverage. An optimal sum insured is essential and should enhance your coverage if necessary. The end of this pandemic is not yet in sight, but health insurance can help strengthen your financial immunity. So, invest in health insurance to cover the cost of the infection should it occur and be prepared for it.


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