Health Insurance Trends In 2021

Increase in sum insured to focus on benefits: 5 ways Covid-19 pandemic changed health insurance trends in 2021

Health Insurance Trends In 2021 the pandemic force people to take stock of their health.

As well as their financial preparedness to combat unforeseen medical exigencies.

health insurance trends in 2021

Insurance providers

The outbreak of the Covid-19 pandemic had a profound impact on the Indian Health Insurance sector.

As well as individuals and corporates seeking health insurance.

Had to adapt to the new norm of limit face-to-face interactions in novel ways.

Furthermore, people realize the importance of having an adequate financial backup for medical emergencies.

Have become keen on sufficiently insured for the health.

Safety of themselves and their love ones.

Following are the 5 ways the pandemic change health insurance trends in 2021:

Increased Awareness about Health Insurance

The pandemic force people to take stock of their health.

As well as their financial preparedness to combat unforeseen medical exigencies.

The fear of intense financial drain owing to hospitalization for Covid-19 treatment has strengthen the necessity of having appropriate health insurance.

People have realize that traditional methods of paying for hospitalization expenses.

Family savings or borrowings – cannot be rely upon to pay for large hospitalization expenses.

We have seen this increase in awareness both among individuals and families for retail health insurance.

Among employees and employers for group health insurance.

Levels of inquiries and sales of health insurance significantly increase after COVID-19 start.

Last year there was an increase interest in COVID-19 specific policies.

But this subside once it became clear that regular policies will also cover COVID-19 relate hospitalization.

Increase in Sum Insured

Existing and prospective health insurance policyholders became aware of the increase in hospitalization expenses, particularly for ICUs, etc.

That were require for severe COVID-19 patients.

From a mindset that hospitalization typically costs tens of thousands of rupees.

People became aware that it could cost lakhs of rupees or even more.

Existing policyholders have sought an increase in Sum Insured by purchasing Top-Ups and Super Top-Ups.

Which have become very popular due to their attractive pricing.

Prospective policy buyers are seeking higher Sum Insured as compare to pre-COVID days.

With a reasonable base policy combine with a Top-Up or Super Top-Up.

Health Insurance Trends In 2021

We have observed the same trend within Group Health Insurance for employees.

Employers are seeking higher Sum Insured for their employees and dependents.

In recognition of the higher amounts of hospitalization expenses.

Sharper Focus on Benefits and Exclusions

Before COVID-19, individuals.

Families were buying health insurance without fully assessing long-term needs and expectations.

After COVID-19, health insurance purchase is being done with careful consideration.

Customers are proactively seeking information on plan features.

Lifetime benefits to ensure that they select a health insurance plan that adequately serves them for their lifetime.

Policy buyers now enquire about specific features.

Particularly relate to hospitalization costs such as room rent and other ancillary expenses.

As these expenses tend to overshoot permit limits during an emergency hospitalization situation.

They know that medical claims might get reject as a result.

The insured members would have to pay the differential amount out-of-pocket.

Which can create a huge dent in personal savings.

Rise in Digital Adoption

Social distancing guidelines and the lockdown restricted all personal.

Professional interactions physically.

Those looking for health insurance start exploring online purchase instead of relying on agents.

The pandemic cause a considerable movement away from traditional channels.

Now, insurance providers and leading intermediaries have to  adopt smart technology.

Streamline processes for comfortable electronic purchase and renewal of health insurance plans.

On digital platforms, consumers can now compare hundreds of readily available online plans to select the one that best fits their personal needs.

Electronic payment methods such as e-wallets.

Net banking and credit cards as well as EMI options have made digital transactions convenient and accessible.

Health Insurance Trends In 2021

Even for claim intimation and settlement.

Customers have become much more familiar with cashless settlements.

Which are done through electronic means.

During the peak of COVID-19.

Insurers and TPA’s were settling even reimbursement claims base on scans of claim documents.

Innovative Health Insurance Plans

Aside from launching Covid-19-specific policies.

Insurers have realize the relevance of expanding their portfolio by introducing health insurance plans that consider varying medical requirements of the insured members.

Benefits such as OPD cover, for example, have been extend in the form of add-on coverage by some insurance companies.

While others have include this feature as part of their base health insurance plans.

Some insurers have launch OPD products meant for online consultations.

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