The COVID-19 pandemic disrupted the entire world, where most people found themselves in unforeseen scenarios. Individuals were diagnosed with the virus or had a loved one who was. The people who suffered severely were given immediate medical attention. However, for most, these medical bills and hospitalisations burned a hole in their pocket. This led to more and more people turning to health insurance to protect themselves against high-cost treatments. Here is why people bought health insurance policies after COVID-19:
- Increase in health risk
COVID-19 is an infectious disease that spreads easily from one person to another. With its pandemic, the need for hospitalisation across the country increased massively. The earning members of families faced financial crises when any family member who was hospitalised did not have health insurance. Several people who procrastinated buying medical insurance for themselves and their loved ones considered buying one immediately during the pandemic. A sense of realisation struck amongst most people where they understood the importance of having health insurance, especially in families that saw hospitalisation of multiple members. *
- Increase in the requirement of ICUs
The pandemic of COVID-19 led to a sudden and unexpected demand for ICUs, as many patients suffered critically because of the virus. A patient who was diagnosed with COVID-19 needed urgent medical attention and, in severe cases, patients were admitted to the ICU and were also provided ventilator support. The increase in demand has witnessed a rapid rise in inflation in the entire health sector. This made it extremely difficult for ordinary families to access proper healthcare. This scenario made several people realise what is health insurance and its importance. *
- Expensive hospitalisation bills
There were several individuals who were diagnosed with COVID-19 and did not require intensive therapy. They were hospitalised and were given proper medical treatment. A regular treatment of the coronavirus was expensive enough to burn a hole in any individual’s pocket. This is because of the rise in inflation seen in the medical industry overall, along with the expenses of medicines, personal protective equipment (PPE kits), gloves, and masks. The bill in the end after considering all these costs is very high. When an individual has medical insurance, the insurance company compensates for these expenses. However, without insurance, these expenses would dig a hole in one’s pocket. *
- Emergency coverages
Several individuals realised the add-on benefits they get when they buy health insurance. It covers the ambulance charges that a patient may require in case of emergencies. Several individuals opted to buy health insurance for senior citizens to protect the health of their parents and older people in the family. Without insurance, incurring the add-on expenses is difficult for most people. Also, a health insurance policy provides monetary support to families in case the policyholder loses their job because of hospitalisation. *
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Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
