Both health insurance providers and policyholders received a wake-up call from the Covid-19 pandemic. It exposed healthcare system flaws but empowered the regulator to improve Bajaj Allianz health insurance with added features for better protection. Here is how the pandemic has improved health insurance coverage.
Solutions That Are Tailored To Your Needs
The better the insurers can manage their risk, the more information they have about the policyholders. According to a consumer’s family history, lifestyle, and income bracket, data is used to create individualised Bajaj Allianz health insurance products. Fitness bands and other wearable technology are being used to give insurance companies real-time health-related information about policyholders, which is another step toward helping insurers create customised insurance.
Utilising The “Use And File” Process, New, Innovative Products
The regulator began by sandboxing, but insurers now have more latitude under the “use and file” procedure. In June 2022, IRDAI introduced ‘use and file’ for non-life products, letting insurers market products without prior approval and avoiding delays in filing.
Greater Insurance Coverage To Cover Rising Medical Costs
Many diseases once thought to be incurable can now be cured with various treatments. These, however, cost money. Additionally, we must accept the reality of high medical inflation. This is the reason why more comprehensive health insurance plans for family is now sought after. Consumers are now aware of the importance of having a higher insured sum, thanks to the rise in critical illnesses and increased hospital costs.
OPD And Other Expense Coverage
One of the main drawbacks of health insurance plans has been the exclusion of outpatient care, which does not require a patient to be hospitalised for 24 hours. However, that is also gradually changing. OPD has grown to be a significant component of healthcare spending.
With a Bajaj Allianz mediclaim policy for families and an OPD rider (15% to 20% extra premium), you can claim expenses like doctor consultations, diagnostics, and pharmacy costs. ^
Prevention And Health Measures
Prevention is always preferable to treatment. Health insurance companies have recently emphasised rewarding policyholders for adopting healthier habits and encouraging them to do so. Health insurers are required by the Insurance Regulatory and Development Authority of India (IRDAI) to reward policyholders who adopt healthy habits and engage in physical activity like jogging, cycling, or exercising with reward points. #
The landscape of health insurance plans has undergone significant transformations in response to the challenges posed by COVID-19. These changes include expanded coverage for outpatient care (OPD), increased recognition of mental health as a crucial component of overall well-being, and more comprehensive approaches to surrogacy coverage. Additionally, “Pay As You Go” models and other innovative insurance solutions have emerged to adapt to the evolving healthcare needs of individuals and families. Staying informed about these changes and considering them when selecting a health insurance plan is essential for ensuring comprehensive coverage and peace of mind in today’s dynamic healthcare environment.
# Visit the official website of IRDAI for further details.
^ Claims are subject to terms and conditions set forth under general health insurance policy
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