Are You Insured Against Covid-19?

Even though the Covid pandemic is being contained and a lot of countries are carrying vaccination drives, Covid is still deadly and a lot of people are still dying.

Covid-19 Insurance Policy

When the first case of Covid-19 appeared in my home country, the government asked the insurance companies to sell Covid-19 insurance plans.

Insurance companies introduced two different kinds of Covid-19 insurance policies: one, the insured amount of $500 for the premium of $5; two, the insured amount of $1000 for the premium of $10. Both of these policies had a term of one year. The policies also offered discounted prices if you were insuring 4 or more individuals. This offer was to encourage more people to get insured, for instance, you could insure your entire family, or all of your staff, for a discounted price. When you chose the group insurance option, you could get coverage of $500 for just $3 and coverage of $1000 for $6.

Reasons Why You Need to Buy Covid-19 Insurance Policy

After the series of consultations between the government’s insurance regulatory bodies and the consortium of insurance companies, life insurance companies in my home country started selling Covid-19 insurance policies. If you had bought a Covid-19 insurance policy, and if you tested Covid-19 positive, you could claim your insured amount. All you need to do was to show your lab report and certification from the local authority.

I was thinking to buy a Covid-19 insurance policy but was dilly-dallying as the country was in lockdown. Before I could buy the Covid-19 insurance policy, I was tested positive for Corona Virus. Thankfully, I did not have to be hospitalized and home quarantine was enough for me. However, I did experience a lot of Covid-19 symptoms including low oxygen saturation levels.

Covid medication cost me almost $500. If I had bought a Covid-19 insurance policy, my medical bills would have been easily covered.

Fraud cases of insurance companies

Yes, you heard this right, a lot of insurance companies cheat on people. While I have not been specifically created by insurance companies, I have seen a lot of people being cheated on by insurance companies.  I am a case study.

When Covid-19 cases were being spotted in the country, insurance companies in my home country began selling Covid-19 insurance policies. Just in a few weeks, hundreds of thousands of people bought the Covid-19 insurance policy. Having collected funds worth millions (in local currency) in a short time, insurance companies were very happy until the Covid-19 cases began to surge and people began to make claims.

Since insurance claims began to pile up insurance companies began to make excuses. They started saying they will not accept Covid-19 test reports from private labs but only from state-owned labs. This excluded a lot of people. 

Despite this excuse, claims continued to surge and the insurance companies began saying that they will consider covering only for the people who were hospitalized and in critical care.

Get a Covid Insurance, or, General Health Insurance

Corona Virus is still affecting a lot of people and a lot of people are still dying. Therefore, it is wise to buy an insurance policy that provides coverage for the coronavirus. I think health insurance policies have that offer but you need to check the terms before you buy the policy.

Despite the launch of vaccines, Covid is still a deadly disease, therefore you should be still careful about Corona Virus. Even if you do not find Covid insurance policy offers from the insurance companies of your choice, you can always buy health insurance and check the terms to make sure they also provide coverage for Covid.

If you do not have health insurance or Covid insurance for that matter, paying medical bills will be financially impossible when you get deadly diseases.

Do you have any insurance policy for Covid-19 in your country? What kind of Covid-19 insurance policies are being sold in your country?

First published on Trendri, in author's name