The impact of the COVID-19 pandemic has been far and wide on how we know life. It has affected almost everyone across the world in some or another way. From businesses operations to individual income, the impact has been immense. The health insurance sector is no different when it comes to having borne the brunt of the pandemic. Some perspectives that were not even thought of earlier have now changed the face of the industry. Let us give it a quick thought—before the pandemic, was it as easy to avail of health coverage as today? Probably not.
Let’s focus on how the COVID-19 pandemic has impacted the medical insurance industry for good and the bad.
Dedicated health insurance policies for COVID-19
At the beginning of the coronavirus pandemic, many health insurance policyholders were confused about the coverage benefits since COVID-19 was unheard of. Plus, the illness is known to cause other severe impacts on your health, leading to complications.
Here are some important aspects of initial coverage and the gradual transition to a dedicated Covid-19 Insurance Policy.
- Health complications related to COVID-19 could only be covered individually under regular plans.
- Some coverage options that helped pay for the medical bills related to such complications included critical illnesses covers, top-up covers and the likes.
- The disease severity still affected people financially due to inadequate coverage.
- Two coronavirus-dedicated covers, designed to pay for the treatment, hospitalisation and other medical bills of COVID-19 affected individuals, were rolled out in June 2020.The policies are called Corona Kavach and Corona Rakshak plans.
- Today, under the the plans mentioned above, many insurance providers are extending coverage benefits specially tailored to meet the needs of people suffering from COVID-19.
Some of the best health insurance now covers coronavirus treatment, bringing significant relief to affected people and their families. Policies like Arogya Sanjeevani Policy offers medical coverage to families and individuals for basic hospitalization expenses along with Covid-19 treatment cover.
Easy purchase of policy through digital interface only
The restrictive impacts of COVID-19 include people’s need for social distancing and the inability to step out of their homes. Due to this, today, many reputed insurance providers offer coronavirus-dedicated policies via online platforms through a simple digital interface.
- Earlier, you had to take several medical tests for policy approval. The digital facility did away with such hassles.
- The need for social distancing also purported insurers to facilitate digital-only policies.
- The switch from physical check-ups to digital-only approvals simplified and made health insurance more accessible than ever.
- From premium calculation to payment and health insurance claims, everything can be done digitally.
Reduced processing time for faster claims
In the wake of a high number of COVID-19 cases, the healthcare insurance sector had to speed up its processes and reduce the time taken to meet the rising demand for policy approvals and claim settlements. One way of doing it was by simplifying processes.
These factors have transformed the health insurance industry for the better and have enhanced the overall efficiency of the healthcare sector, making immediate medical assistance possible. Not to mention, the insurance industry has also witnessed improved digital security and protocols that have helped safeguard customers’ privacy.
