The COVID-19 pandemic has brought a lot of changes to the world. It has changed the way we live, work, and interact with each other. One of the significant impacts of the pandemic is on the healthcare sector.
The healthcare sector has faced a lot of challenges due to the pandemic, and one of the challenges is to provide affordable healthcare to the people. Associated strongly with this challenge, especially in a highly populated country such as India, is the need for affordable health insurance so that more people can avail the fundamental healthcare they need.
As per TOI, the healthcare industry in India is a major contributor to the country’s GDP growth and employment opportunities. It serves the continuously expanding population and is one of the fastest-growing industries in the country. In 2020, the industry was valued at INR 17.62 trillion and is projected to grow at a CAGR of 29.79% between 2021 and 2026, with an estimated worth of INR 81.30 trillion by 2026, according to a recent report.
India & Affordable Health Insurance:
India faces several challenges when it comes to providing affordable healthcare insurance to its citizens. Some of the major issues include:
Lack of coverage:
Despite government efforts to provide health insurance to all citizens, a large section of the population remains uncovered due to various reasons, such as lack of awareness, limited resources, and inadequate infrastructure.
High cost:
While private health insurance might be great, the cost of healthcare insurance in India has been rising steeply in recent years, making it difficult for people to afford quality healthcare insurance policies.
Lack of trust:
Many people in India are sceptical of health insurance providers due to the perception that they are profit-driven and insurance providers have a tendency to resist or dispute the disbursement of settlements.
The COVID-19 pandemic has highlighted the need for affordable health insurance in India. The pandemic has made people realise the importance of having health insurance, and it has led to an increase in the demand for health insurance policies. However, the pandemic has also made it challenging for people to afford health insurance due to the economic crisis caused by the pandemic.
Here are some of the key ways that COVID-19 has affected health insurance:
Increased demand for health insurance:
Many people who were previously uninsured or underinsured have sought health insurance coverage during the pandemic due to concerns about their health and the potential costs of COVID-19 treatment.
Changes in coverage:
Health insurance companies have made several changes to their coverage policies in response to the pandemic. For example, some insurance companies have waived copays and deductibles for COVID-19 testing and treatment, while others have expanded telehealth services.
Financial impact:
COVID-19 has had a significant financial impact on many individuals and families, making it more difficult for some to afford health insurance premiums. In response, some insurance companies have offered premium reductions or extended grace periods for premium payments.
Uncertainty about the future:
The pandemic has created a great deal of uncertainty about the future of healthcare, including the cost of health insurance premiums and the availability of coverage. This uncertainty has made it difficult for some individuals and families to plan for their healthcare needs.
The government has taken several measures to ensure that people have access to affordable health insurance during the pandemic. The government has launched several health insurance schemes, such as Ayushman Bharat Yojana, also known as the Pradhan Mantri Jan Arogya Yojana (PMJAY), which is a scheme that aims to help the economically weaker section of the society who need healthcare facilities. The government has also increased the coverage of the Ayushman Bharat Yojana to cover COVID-19 testing and treatment.
Insurance companies have also come up with new health insurance policies to cater to the needs of people during the pandemic. The insurance companies have launched COVID-19-specific health insurance policies to cover the costs of COVID-19 treatment. These policies have been designed to provide coverage for COVID-19 treatment, but they might not be affordable for everyone.
After COVID-19, access to affordable healthcare insurance has become a crucial concern for individuals and families everywhere. And it can be a daunting task to find an affordable health insurance policy, but it is not impossible. By taking the time to research various providers and policies, you can find a plan that meets your needs and budget. At Chola MS Health Insurance, we offer a range of plans that are both easy to understand and affordable. With Chola MS Health Insurance, you can rest assured that you will have access to the medical care you need without burning a hole in your pocket.
So why wait? Take the first step towards securing your health and financial future by exploring the options available with Chola MS Health Insurance today.