The Covid-19 pandemic has been difficult in various aspects. It has made individuals realise the significance of health and taught people how to take sound care of their health and the well-being of their loved ones.
Following the devastating effects of the pandemic, the health insurance sector in many countries.has witnessed a huge surge due to increased demand. Individuals have now started getting worried about the repercussions of a medical emergency on their wallet, and this is the reason why they are spending to buy comprehensive health insurance
Benefits of a health insurance during Covid-19
Health insurance works as a financial cushion that safeguards you and your family at the time of a medical crisis.
It might not be wrong to state that due to the advent of the global pandemic, having a medical insurance policy has become a new normal.
People nowadays are readily accepting this new normal as almost every insurance provider has started providing insurance coverage to patients suffering from Covid-19 along with various other diseases.
Here are some of the benefits of a health insurance policy during Covid-19 times.
Provides comprehensive coverage
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Medical emergencies always arrive unannounced, and this is the reason why people opt for health insurance. Opting for a health insurance plan safeguards your family during difficult times, and it further presents a comprehensive coverage against all prominent bodily diseases.
In addition to this, another reason why people must take health insurance during these times is that health insurance can also provide extensive coverage against Corona-virus and reduce your hospital expenses to a great extent.
Rising medical expenses
The rise in medical expenses is one of the reasons why more and more people are opting for health insurance policy during the Covid-19 times. The increased demand for medical treatments led to a rise in the price of healthcare facilities, and hence to curtail their medical expenses, people are opting for a cashless health insurance policy
Emergency coverage
During these challenging times, there is often a need for urgent hospitalization because of oxygen levels dropping abruptly. This is a major solicitude in semi-urban and rural areas where routine transportation at irregular times might be hard. Hence getting medical insurance during the Covid-19 can be a life saviour for you and your family.
How medical insurers have responded
Medical insurers have risen to the challenges brought on by the Covid-19 pandemic. Many have re- invented themselves in order to curb the spread of the disease.
PSMAS is one of the medical insures that rose to the call by government to join hands in the fight against Covid-19.
Members and corporates can be vaccinated at the various centres and this aligns well with the drive to reach herd immunity.
With a wide membership all over the country, the move will see many people receiving the life saving jabs that have been proved to work in wading off severe Covid-19 impact.
The recent rebranding has also given rise to services that conform to Covid-19 emergencies and also tackle the virtual services aspect which is beneficial in reducing further spread.
However, the medical insurance industry has been overstretched by the Covid-19 pandemic, with statistics indicating that 69% of healthcare funders have experienced a surge in cases of respiratory illnesses attributed to the pandemic.
This was revealed last month by Association of Healthcare Funders of Zimbabwe (AHFoZ) chief executive officer Shylet Sanyanga.
She told delegates at the 12th annual all-stakeholders’ conference of healthcare funders that since the onset of the pandemic in the country in March last year, total claims expenditure increased by 12%.
“The rise in respiratory claims adversely affected about 17% of healthcare funders who had to resort to drawing from their reserves to finance claims expenditure,” Sanyanga said.
“This has affected medical societies. Patients chose to defer treatment for fear of infection. Electoral procedures were deferred, while healthcare conditions considered minor were ignored. Some healthcare providers closed shop for some time for safety reasons, to assess the situation.”
