Future of Health Insurance After COVID-19
Published On Sep 08, 2021, Updated On Sep 13, 2021
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After being hit by the global pandemic of COVID-19, the health insurance market has transformed completely, as people have come to realise the importance of health insurance plans in case of a medical emergency. The investments in the health insurance market have boosted in the past few years and various changes have been brought in by the health insurance providers to satisfy the demands of the customers during the pandemic. IRDAI has made it compulsory for all the insurers to include COVID-19 specific plans in their regular health insurance plans.
Digital premium payments, online buying and renewal of health insurance covers, etc. have been facilitated by the insurers for the ease of the policyholders. After the pandemic, people are buying health insurance plans for their entire family with a comprehensive coverage and affordable price. To enhance their sale, the insurers are coming up with exclusive plans with unique features to satisfy the requirements of the customers.
Future of Health Insurance Industry After COVID-19
India is one of the worst hit countries by the coronavirus disease. The global pandemic has impacted a lot of industries including the health sector. Many industries and sectors are in the phase of transformation and are looking forward to adjusting to the new norms during the COVID-19 pandemic. Similarly, the health insurance industry has marked its importance by rolling out COVID-19 specific health insurance plans and extending its support to the policyholders. Many plans like disease-specific plans, critical illness plans, etc. for coronavirus disease have been introduced for the customers. Various other features have been introduced to make the buying, renewing, and comparing of health insurance policies easy for the customers.
Positive Changes In The Health Insurance Sector Due To COVID-19
Following are some of the positive changes that have been brought in the health insurance sector by the health insurance providers due to COVID-19 pandemic for the policyholders:
- The sales of health insurance plans have boosted over the last few years and it has been very beneficial for both the customers and the insurers. However, health insurance providers with exclusive facilities and benefits, are more in demand than the others.
- There has been a massive shift of the health insurance sector towards digitalization as the buying, renewing, and comparing of health insurance covers has been facilitated online. Now the customers can simply buy and renew their policies using the official website of the health insurance provider. It saves the customers from the load of paperwork and documentation. Using the secured transaction gateways, the payments can also be made online.
Challenges In The Health Insurance Sector Due To COVID-19
Let us look at some of the challenges that might be faced by the health insurance sectors due to the coronavirus pandemic:
- The treatment costs of COVID-19 disease are uncertain as the disease is still under research and there is a certain amount that will be sufficient for the treatment of the disease. It affects different people differently based on their immune type. Therefore, the claim amount of the health insurance policies for the COVID-19 coverage is not accurate and is difficult to predict.
- The insurers are facing some unusual claim experiences which are affecting their quality of services during the claim settlement process. The insurers are facing unnecessary hassles during the settlement of the claims which is potentially affecting the customers.
- The cost variances due to the difference in the impact of the disease on a patient and the availability of the medicines has made the whole claim settlement process unpredictable in certain cases.
- People who have little to no access to digital services will not be able to get the virtual benefits of the health insurance plans. Therefore, the sector will have to develop ways in which it can reach a wide audience and help them in getting financial aid for medical emergencies at an affordable price.
The future of the health insurance sector depends on the technical advancements of the sector to develop virtual services and delivery of the services to the policyholders at an affordable price with comprehensive coverage.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.