The Indian Economic Survey highlights the fact that about 65% of the Indians pay for their medical expenses out of their own pocket. This means that they are not covered by any form of health insurance. Even with the lack of quality health care in government hospitals and treatment in private hospitals being almost unaffordable, a lot of people still don’t prefer paying yearly premiums. As they feel if don’t make any claims for an entire year, the premium paid will go in vain & seem as an added financial burden.
The COVID times had a few ripple effects – increase in medical bills, lesser income, or loss of livelihood. Therefore, the pandemic has played a significant role in compelling people to change their behaviour and sign up for health insurance and in many cases even for critical illness cover.
The Shift in Attitude
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Healthcare is more important than ever now. COVID brought a new wave of health awareness and a shift in attitude among the Indians – especially among the High-Net-worth Individuals (HNI) or Higher Income Groups (HIG). Fitness is now taken more seriously. Immunity and quality diet are given more importance, and the biggest attitude shift is that many families have understood how necessary it is to have health insurance cover.
The health insurance benefits you get for being fitter is also one of the reasons for this change. Many Indians, especially the ones who work in the tech industry, are signing up for app-based fitness programmes, practicing exercises and yoga through video tutorials, and even setting up mini home gyms. They have also changed their eating habits. People with good health and wellbeing are less likely to make a claim – this helps them avail of benefits like No Claim Bonus (NCB) and lesser premiums when they renew their policy.
Unfortunately, the story is different for the lower-income group. The State or Central Government schemes help them to some extent but it’s definitely not enough. If any of their family members get diagnosed with a critical illness, they can lose all their savings during the treatment. Lower-income groups can benefit the most from health insurance policies and critical illness cover but there is still a lack of awareness.
Corona Kavach Policy:
Health insurance providers such as Niva Bupa have come up with the best health insurance policy in India that specifically covers COVID. The policy is affordable and accessible for lower-income groups. They also offer flexible EMI plans which make things easier for people who have lost their jobs or their incomes have reduced. Due to such flexibility and affordability, a lot of youngsters who have recently started earning are also able to buy this policy.
With so much insecurity around the COVID-19 situation, getting such a cover brings a sense of relief. A lot of people opted for such COVID specific policies and got a taste of security that a health insurance cover can provide. This also became a reason for more people buying a proper health insurance policy and changing their attitude towards it.
Claims
The rise in the number of policies has resulted in a bigger number of claims. The work pattern of insurance companies’ staff has seen a dramatic change. During COVID waves, the insurance companies have worked tirelessly to ensure that the required services are available to the claimants at the time of emergency. They had never faced a challenge like this earlier and required a tougher attitude to pull things off. Needless to say, they have done a tremendous job so far.
Many hospitals have tie-ups with insurance providers. Cashless claims now get approved within an hour. A simple intimation phone call or email initiates the procedure and then it’s all taken care of by the insurance company. If the hospital has no tie-up with the insurance provider, one can go the traditional way and get their medical expenses reimbursed after the treatment.
Conclusion
The insurance regulators in India deserve appreciation for modernising health insurance in the country. Insurance companies have done a tremendous job in making health insurance more inclusive and accessible. They are encouraged to launch policies that cater to all kinds of needs and a larger set of people. With the right awareness and enough options, health insurance will be welcomed by the masses and we will be able to witness an attitude shift where health insurance will be considered a basic need in every section of society.
It’s not a good option to be sitting on fence whether to buy an insurance policy or not because medical emergencies usually don’t come with a warning. In today’s day and age, getting a policy is easier than ever. With just a few taps on your smartphone or a few clicks on your computer, you can explore the options, make comparisons on various parameters and buy or renew a policy in no time.
