Decoding Insurance

How Health Insurance has evolved after three waves of the Covid-19 pandemic

In 2020, when the Covid-19 pandemic hit the world out of nowhere it changed practically everything. In the past two years, one of the few things that have made certain sense is investing in health insurance. Through three waves of the deadly pandemic, Health Insurance has evolved to serve customers better. From enhanced restoration benefits to reduced cooling off period, Health Insurance products have come a long way. 

Further, health insurance has become more customer centric and comprehensive for the policyholders. For instance, in the past, only hospitalization expenses were covered by health insurance. However, with the emergence of covid-19, increase in critical illnesses and medical inflation, health insurance plans started covering cost of consumables, OPD treatments, tele consultations, Hospitalization at home and treatment for Covid-19 and post covid complications as well. Hence, there has been a significant increase in the extent of coverage provided for customers.   

Other than the benefits mentioned above, there are some lesser known features as well. One such feature is the restoration benefit. Under the restoration benefit, if you use up your existing coverage during a policy year, the restoration benefit provides you with replenished coverage. Moreover, now, with the possibility of further COVID waves circulating, and rising illnesses, insurance companies have started offering unlimited restoration for the same person with the different or same illness. Another such development has been that , now after recovering from COVID-19, you can  obtain a health insurance policy right away with no waiting period. This is because many insurers have eliminated the previous requirement that COVID infected individuals wait at least 30 days to 6 months before purchasing an insurance. 

Lastly, make sure that you invest in a high sum insured plan which gives you wider coverage and safeguards you and your family in case of an emergency. 

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