Both health insurance providers and policyholders received a wake-up call from the Covid-19 pandemic. While it revealed the flaws in the healthcare system, it also allowed the regulator to fill in many gaps and add new features that could provide better and adequate protection for people purchasing health insurance policies. Here is how the pandemic has improved health insurance coverage.
Specific Products That Meet Needs
Due to pre-existing conditions like diabetes or high blood pressure, seniors had few options until a few years ago. Today, they have an increasing number of options for health insurance coverage. Numerous plans are created especially for senior citizens, ideal for those with health conditions. There may, however, be some restrictions on these plans, such as an insured-sum limit or a co-payment.
Another development is that people can now obtain surrogacy insurance related to pregnancy. The Insurance Regulatory and Development Authority (IRDA) recently permitted insurance providers to provide surrogate mothers coverage for up to 36 months. #
Solutions That Are Tailored To Your Needs
Wearable technology, such as fitness bands, is being used to provide insurance companies with real-time health-related data of policyholders – again, a step towards helping insurers create customised insurance. Data is used to develop personalised health insurance products per a consumer’s family history, lifestyle, and income bracket.
Flexibility To Choose Between An Affordable Plan And Enhanced Features
Health insurers allow policyholders more freedom to add or remove features based on their needs and financial capacity. Need-based health insurance plans are created in a way that they can meet the unique medical requirements of today’s consumers. Insurance companies offer specialised products that let customers include or exclude product benefits based on their needs.
Greater Insurance Coverage To Cover Rising Medical Costs
Many diseases once thought to be incurable can now be cured with various treatments. These, however, cost money. Additionally, we must accept the reality of high medical inflation. This is the reason why more comprehensive health insurance is now sought after. Thanks to the rise in critical illnesses and high network hospital costs, consumers know the importance of having a higher insured sum. Only some insurers have thus introduced plans that offer up to 10 times the benefit for the sum insured as a renewal bonus.
OPD And Other Expense Coverage
One of the main drawbacks of health insurance plans is the exclusion of outpatient care, which does not require a patient to be hospitalised for 24 hours. However, that is also gradually changing. OPD has grown to be a significant component of healthcare spending. A person with a health insurance plan with OPD as a rider, which typically costs an additional 15% to 20% in premium, may be able to claim costs for things like doctor consultation fees, diagnostic tests, pharmacy costs, etc. The insurance protects against costs like lab work, X-rays, regular check-ups, vaccinations, and dental, hearing, and optical care. The OPD coverage’s sum insured range can be between Rs. 5,000 and Rs. 50,000. You will be able to estimate the appropriate level of coverage needed with the use of a health insurance premium calculator. *
* Standard T&C Apply
# Visit the official website of IRDAI for further details
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
