The biggest news for 2020 has been the infamous COVID-19 virus and its brutal impacts – on our lives, our working style, and our leisure-mantras. We have started appreciating the smaller things in our life, and investing much in our health. The most important realization of this year has been an increased awareness about our well-being and life security. Investing in ‘Health insurance’ has become pivotal as we are making conscious efforts to secure affordable quality healthcare in times of emergencies.
Health stats
Looking at the last five years trend, the world has witnessed Ebola, Zika, MERS, Nipah, and now the COVID-19. These being the limelight of any health newspaper, the other pages are still full of Non-communicable diseases, Lifestyle disorders, Cancers and much more. In the current scenario, it becomes indispensable to encourage people to have a greater control on their health – in terms of physical, emotional as well as financial. Therefore, health insurance gets very important in medical contingencies, taking care of quality care, medical expense and protecting bank-balance.
‘Believe it or not – we cannot afford ignoring health-insurance’
Medical emergencies can occur at any stage, irrespective of our age, gender, income-group or even health conditions. Such unanticipated events have the potential to impact our lives completely. Thus, preventive steps are needed before uncertainty occurs.
Numerous studies have established that over 60% of Indian population pays for health care out-of-pocket from their personal savings, and are prone to financial catastrophe.
Health Trends
a. Increased health awareness
We are getting more aware about our health concerns – the pandemic, increased pollution, bad eating habits, sedentary lifestyle, etc. A 35-year old suffering from cardiac arrest, and losing lakhs of hard-earned money within days can give an irreparable jerk for a lifetime. Eventually, spending on high-end lifestyle has reduced and investment in health insurance has become a priority.
b. Rise in Inflation
Prices of medical care are bound to rise – owing to medical advances, scare medical supplies and high demand. So, to nullify the ill-effects of inflation, health insurance is the only option.
c. Demand for enhanced financial security
Health insurance covers the disease, associated hospitalization, treatment, and medication expenses – all with just a small monthly investment as premium. Realizing the fact that one-time admission in hospital can derail your finances, smaller investment is certainly the smarter choice.
d. Add-on Benefits
The newer insurance plans are not only providing cover for hospitalization expenses but also offering additional benefits like no-claim bonus, complimentary wellness check-ups, second opinion, and much more.
The way forward
Recently, health insurance market has seen a clear change in customer mind-set. The pandemic crisis has demanded for a full-scale transformation on the ways healthcare expenses are met. Already, the insurance companies have started working on innovatively designed products, catering to the customer needs. The simplified policy documentation would assist better customer engagement. With increased digitization of healthcare, the claim settlement process would just be a click away.
“Better late than never, this is the best time ever.”
With a realization of the value of health, investing in comprehensive health insurance plans is the best deal. Health insurance is basically a financial cushion during any medical emergency. Post-pandemic, investing in health insurance has become a new normal. If you haven’t got a health cover yet for you and your family, now is the time before it is too late. Securing all medically and financially under the umbrella of insurance should be your top-most priority.
So, buy it now and bid farewell to all your myriad health issues post-COVID 19.