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The impact of COVID-19 for the Health Insurance ?


The whole world is fighting the COVID-19 pandemic that has destroyed the global economy. Although the majority of states are under lock and key, it cannot last forever, otherwise it would take years to revive India’s economy. Depending on the number of COVID-19 cases in a city, the different areas are divided into green, orange and red zones. These are important steps taken by the government to stem the spread of the pandemic and gradually free itself from the barrier.

In the current situation, there are no vaccines that prevent anyone from contracting coronavirus. Therefore, taking precautions is extremely important, especially when you leave the house to buy basic necessities. People suffering from hypertension, diabetes, heart disease or any such serious diseases should exercise excessive caution and avoid going outside. The reason is that such people are more vulnerable to the virus and it can be fatal to them.

Someone with low immunity should work to increase immunity and avoid going outside. There is no point in complaining about whether you or your loved ones will get COVID-19. This may simply cause panic attacks or increase anxiety levels. In addition to taking precautions, you need to be prepared for the future. The solution is to give yourself and your dependents (family members) a good health insurance plan.

The cost of the COVID-19 test in a private hospital is 4,500 rupees, and the hospitalization fee can be as high as 10,000 rupees. Costs can go up like a stack of cards. Therefore, you should choose the right health insurance so as not to worry about hospitalization costs in these unprecedented times. If you already have insurance coverage, it is quite easy to get health insurance against coronavirus.

IRDAI (Insurance Regulatory And Development Authority) has issued an injunction that all health insurance companies immediately regulate cases involving coronavirus so that patients do not have to endure additional stress. Such additions to the existing insurance policy are implemented within the framework of SandBox regulation, which allows insurers, financial professionals and other specialists in the financial sector to conduct live testing of new products in a controlled environment.

The importance of health insurance was necessary for an hour, as anxiety for people increased, even if they (or their loved ones) showed no symptoms of COVID-19. Once the lock down is partially lifted, most of us would feel anxious about going outside as the number of patients with COVID-19 symptoms has increased.

In line with IRDAI’s referrals, large insurance companies are expanding coronavirus coverage for various health insurance plans. This means that if you already have a health insurance policy, the cost of hospitalization and treatment of positive cases of COVID-19 will be covered by an existing health insurance policy.

Older people are more vulnerable to COVID-19, and this is the ideal choice of health insurance for parents. Although older people can lead healthy lives and lead good lives, there is no denying that most older people have some health problems. Due to some adverse circumstances, if an elderly family member receives coronary artery insurance, the costs can be enormous. Insurance companies such as Royal Sundaram Health Insurance offer comprehensive insurance packages – Lifeline and Family Plus.

Family Plus” is a family insurance package that is designed for large families and can cover up to 19 relationships. At this stage, health insurance for parents has become an absolute necessity, as they may not be able to pay their medical expenses in connection with retirement. Even if they had health insurance while working, they would not have acted after retirement.

Here are some of the benefits you can take advantage of coVID-19 health insurance:

Coverage of the costs associated with the testing of COVID-19.
Coverage of expenses before and after hospitalization.
Coverage of quarantine costs if treatment is carried out in a recognized and registered medical institution.
Coverage of the cost of ambulance services.
The process of applying for reimbursement of expenses without friction and non-cash payment.
Many companies fire people, and in these turbulent times it is difficult to get a job. People are constantly worried about whether they will be able to pay the costs if they lose their jobs because of the downturn in the world economy. As this situation is well known to all (i.e. the Government, RBI, regulators, etc.), IRDAY has demanded that the valid procedure for filing claims for coronavirus be cleared within 24 hours. Even if the patient had paid the costs in the hospital, settling the claim in such a short time would have eased the severity of the pressure.

It was alarming that almost 56 per cent of Indians did not have health insurance. It is at this time that insurance companies must offer this group health insurance benefits so that they can take advantage of the benefits of a world that has survived HOVID-19. Health insurance provides them with financial security by regularly paying premiums. In the face of the coronavirus pandemic, health insurance has become an absolute necessity.

Dependent family members, especially parents, must be insured under the appropriate plan that offers health insurance, as it protects them from possible health risks. The deadly CVID-19 pandemic has presented us with important life experiences; one is the importance of health insurance. As it is rightly said, “better late than never.”

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https://home.kpmg/xx/en/home/insights/2020/03/do-insurers-have-covid-19-covered.htmlDo insurers have COVID-19 covered?

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