Why is health insurance necessary in the times of COVID-19 pandemic?

Health insurance is important at all times. However, in the times of the coronavirus pandemic, it has become an indispensable asset. The prospect of hospitalization and the ensuing expenses has made many across the world understand the importance of Medical Insurance.

In this blog, we discuss why health insurance is imperative in the times of the COVID-19 pandemic.

Every person is at risk

The pandemic has left no one untouched - the elderly, the youth, and children are all being affected by the virus. While it has been severe on the ageing population, it has also caused much harm to youngsters. So, it would not be wise to think that just because you fall in a certain age group, you’d be safe and not vulnerable to the virus.

Because the virus does not discriminate between anyone, it is imperative that you possess health insurance to ensure that you and all your loved ones are safe and healthy.

The long-term effects of the disease are unknown

COVID-19 is a very complex and dangerous disease and its long-term impact is unknown yet. While it was initially viewed as a respiratory disease, doctors and experts are now agreeing that it impacts various body and organ systems and functions. Apart from the lungs, the heart, kidneys, brain, gastrointestinal tract, and many other organ systems have been known to be impacted by the virus.

Many infected have not been able to reach their previous fitness levels after months of recovering from the virus and still experience a lack of stamina. Many others are plagued with various other medical conditions post recovery from COVID-19. Moreover, as research about the virus is still in process, how the body will react to the virus in the long-term is still undetermined.

Having health insurance can safeguard you and your family against all these unknown factors.

The many variants and mutations do not guarantee that one would not be reinfected

We are witnessing how the virus is mutating and, now, there are many variants. The new strains are, often, more virulent and infectious. And, these variants are also infecting those that have previously been infected.

When you have a robust health insurance policy, you are assured that even if these variants infect you, you can avail the best health facilities without worrying about the financial implications of the treatment.

Expenses of treatments are very high

It is no secret that the treatment of patients that are severely ill with COVID-19 is very high. Often, oxygen support and ventilators are required for patients with acute symptoms, which increase the hospital expenses manifold.

The high quantum of people getting infected and requiring hospitalization is also increasing the costs of healthcare.

Moreover, the use of protective gear such as masks, gloves, and PPE kits by doctors and the hospital staff could add up in the final hospitalization bill, making it an exorbitant amount.

When you have a good insurance policy, you can be assured that a part of, if not all, these expenses will be taken care of by the insurer.

Likelihood of many in a family getting infected is high

Due to its nature of being highly infectious, COVID-19 can quickly spread to all members of a family. This might result in the medical expenses increasing exponentially and all your savings depleting quickly.

But, a good insurance policy can cover you for all such expenses.

Helps you avail good quality healthcare

When you do not have the financial resources handy, you might be forced to compromise on the quality of healthcare facilities. However, knowing that your insurer has your back will make you feel more confident in availing the best medical facilities and recover better.

Enhancing financial well-being is important in such times

The pandemic has caused much economic loss to many. Millions have been pushed below the poverty line due to loss of jobs and pay cuts. In such a scenario, steep hospital bills will add up to the already depleting finances and will eat away your savings.

A health insurance policy, however, ensures that you do not have to pay out of your pocket for your health issues, saving you from further financial trouble. You can then put your savings to use for other purposes.

Gives you peace of mind

To have health insurance as a financial cushion to steer you out of adverse financial circumstances is always a reassuring factor. In these troubled times, the belief that your insurance can protect you against financial liabilities will certainly provide you with much-needed mental peace.

It took a pandemic to make many realize that health insurance must be bought proactively and for prevention rather than as a reactive measure. This deadly pandemic has reinforced the importance of having a good and robust health insurance policy. If you have not purchased health insurance yet, you have no reason to delay it further.