Medical Insurance and Coronavirus

May 09, 2020

As the COVID-19 pandemic continues, the whole United States has started to suffer the effects of this endless battle. While coronavirus threatens to kill millions, people are losing their medical insurances in this hour of need, as the businesses shut down are laying off their employees. According to Vox, approximately half of the US citizens relied on their employer’s medical insurance. Others may either rely on independent self-funded insurance or even have additional protection in addition to employer’s provided health cover.

COVID-19 and Its Effects on Medical insurance and What to Do?

This coronavirus pandemic is affecting everyone, irrespective of their profession, education, or age. Not only does it mean losing your job and medical insurance, but also the spike in medical expenses. According to Time, coronavirus medical expenses may cost up to $35,000 per person. It will result in a hike in medical insurance premiums, leaving fewer to afford health coverage, let alone have access to it.

According to Forbes, many insurers may suspend their policies for existing subscribers and close doors for new buyers.

So, what you must do in such a dire situation? The best is to look out for an insurance provider that may provide decent coverage for you and your loved ones at an economical cost.

3 Components of Health Insurance to Consider

Here are some components to consider while you shop for medical insurance for COVID-19.

Coverage

It is the most critical component of medical insurance for coronavirus. Some insurers may provide you coverage for initial COVID-19 testing, but not the treatment; whereas, others may offer full coverage from testing to all expenses covered. Therefore, you must discuss this in detail with your insurance provider to avoid any last-minute shocks and disappointments. It is also crucial to know your coverage limit and how much you will have to cover from your own pocket, especially if you exceed your coverage limit.

Premiums and Deductibles

Premiums are the subscription price you pay monthly or annually towards your medical insurance. Of course, money matters, so it is wise to check what premiums you are paying and the protection you are getting in return.

On the other hand, paying premiums does not cover you alone. You are more likely to pay a deductible as well. A deductible is an initial amount you pay before your medical insurance kicks-in to cover you. Even when paying a low-premium, you may have to pay a high deductible before making a medical claim. Both your premiums and deductibles are a part of the quote for medical insurance, so check them before buying coverage.

Ambiguous Terms and Conditions

Read your terms and conditions properly before putting your name on medical insurance coverage. Make sure there are no hidden or vague terms and conditions, especially for pre-existing medical conditions. Some insurers do not cover pre-existing health conditions and cancel your claim. Therefore, if you have a heart condition or other illnesses, then it is better to find an insurer that accepts your existing medical history.

Make an Informed Decision

Stay positive, as there is still a massive competition in the medical insurance for coronavirus. Therefore, all you need is a bit of patience and research. Get online and search for your local medical insurance companies offering coverage for COVID-19. Compare their premiums, deductible, and coverages to choose that suits your needs, existing health condition, and budget.