Here are 3 changes in health insurance that have come about after COVID-19.
By: Sagar Yadav
Tags: Insurance, Finance, Health Insurance

They say change is the only constant — this is something that applies to health insurance in a big way. It is a dynamic industry that is always evolving to stay current with the trends and meet the growing demands of the masses.

This is especially true during the trying times of the COVID-19 pandemic! Consumer needs have changed significantly, and the IRDAI has obliged by effecting several changes in the working of health insurance plans in India. The regulator has introduced stepped in and brought about several changes to make plans more consumer-friendly and apt for the times.

Here are 3 such changes in health insurance that have come about after COVID-19 that you should know about!

1. Telemedicine is now covered!

Social distancing makes physical check-up and consultations a little difficult. Keeping this in mind, the IRDAI (Insurance Regulatory and Development Authority of India) has asked insurance companies in India to also cover telemedicine.

This is a huge relief for policyholders that prefer to consult healthcare professionals online or over the phone and avoid going out of their homes in the process. This is also helpful for policyholders who are in quarantine or self-isolation due to the coronavirus infection

2. Introduction of COVID19-specific health insurance plans.

Disease specific plans exist but are not so common, something that quickly changed with COVID-19. To provide affordable cover against the virus, the IRDAI introduced two standardized health insurance plans — the Corona Rakshak & Corona Kavach policies.

These are short-term plans that provide easy to understand coverage against the coronavirus. They have been a huge hit among the Indian populace, with the 1.1 crore Corona Kavach plans being sold till October 2020!

3. Instalment-based health insurance premium.

COVID-19 has had a significant impact the financial wellbeing of several individuals and their households! Many policyholders have lost their job or have taken sizeable pay cuts in their monthly income. Those who have businesses are seeing fewer customers as well. This has made covering expenses, health insurance premiums included, very difficult for many individuals!

Keeping this in mind, the IRDAI has taken a massive step to make health insurance premiums easier on the pocket. They introduced an instalment mode of payments — now most health insurance companies allow individuals to pay their premiums in parts, rather than in a lump sum.

This step has two big benefits. Firstly, policyholders can now easily afford a comprehensive health insurance plan, even during these trying times. And secondly, since buying a plan has become so much more affordable, the penetration of health insurance should increase significantly in the coming years!

So there you have it, three of the big changes in health insurance that have come about during this COVID-19 pandemic. Plans have become more consumer-friendly and now offer affordable, extensive and easy to understand coverage against the coronavirus. We hope this article has been helpful for you, good luck, take care and stay safe.