The world we live in today has become somewhat unsettled owing to the seemingly never-ending battle with Covid. Earlier with Alpha and Delta and now with the Omicron variant coming in, everyone is cautious and increasingly aware of the need for access to quality healthcare.
The pandemic period has witnessed a shortage and increase in the cost of healthcare facilities across the country. Consumers today are becoming increasingly aware of the benefits of health insurance schemes. There has been a higher uptake of health insurance policies over the last two years, and experts further believe that this robust growth would continue, and the health and medical insurance market would continue to grow at a compounded annual growth rate (CAGR) of 19 per cent for the period of 2019-24.
Digital means of purchase and payment have become the norm in the industry, which has fast-tracked the digitisation of insurance purchase and servicing. Now most insurers allow customers to intimate claims online and submit documents digitally, thus reducing their time to get their claim serviced.
Despite this, several consumers have opted for a stop-gap arrangement while purchasing a health insurance policy in the recent past. Like choosing a Covid-related policy, which is far from being adequate to cover holistic healthcare requirements of an individual/ family. This does not safeguard them even remotely against the financial burden arising from other life-threatening diseases. However, this can be seen as a first step by the hitherto underserviced segment of the market and makes it easier for them to upgrade their policies to a comprehensive cover as we move further.
The need for a comprehensive healthcare plan is more pertinent now than ever before due to various lifestyle changes.
While there is no age barrier for purchasing a health insurance plan, it is always advisable to buy one early in life, for it can prove to be of great help as one grows older. Ascertaining some crucial elements is necessary before signing up for a health insurance scheme.
After understanding the health insurance policy essentials, the next stage is to choose a policy that best suits your requirement.
Consumers must exercise discretion and make an informed decision when buying health insurance policies. While opting for an ailment-specific cover may appear to be a cost-effective approach, one must choose prudently for the long term and invest in comprehensive health insurance policies. The minor difference in premiums can make a big difference by securing them against financial stress arising due to medical emergencies.
The author is the Director and Head of Retail Business, Care Health Insurance.
(Disclaimer: Views expressed are the author's own, and Outlook Money does not necessarily subscribe to them. Outlook Money shall not be responsible for any damage caused to any person/organisation directly or indirectly.)