Today there is no one who doesn’t know what COVID-19 is and how this global outbreak is impacting and showing horrific effects on our lives, economies, businesses, social patterns, and the healthcare system. People’s lives, well-being, and quality of living are under question because they have lost their livelihood, and the dangling sword of death has produced uncertainty in them. In this situation, when you don’t know when things get worse for your health, people are raising questions on the healthcare system and access to basic health facilities.
Most of the people don’t have insurance, and those who do have don’t know whether it will cover them in case of COVID-19 diagnosis or not. If yes, then under what conditions?
In case you are also pondering over this question, here, we have broken down this essential question for you:
General or No-Life Insurance:
After the SARS 2003 outbreak, insurers have changed clauses. Most of them have excluded terms related to epidemics and pandemics in non-life related insurances, like travel insurance and business-related policies.
In business trouble cases, insurers only pay compensation if the organization faces physical damage to its assets. It means that businesses can get benefit from business interruption insurance if any of their essential team members die due to COVID-19.
However, in the case of travel policies, insurers will cover if the coronavirus is diagnosed during the travel. The situation for people with ‘premium’ general insurance might be different because it mostly comes up with more coverage options, not included in ‘basic’ insurance policies.
The third category under non-life insurance is a worker insurance policy that workers might claim in case employers don’t provide them protection against COVID-19 or don’t treat them in case of exposure to the virus.
Insurers are offering health insurance, but its requirements vary from country to country. Like, in some countries, healthcare organizations and health insurers are bearing the cost of testing. But the cost of treatment cover is different under different private health insurance options.
The good thing is that Private Healthcare Australia has announced a full hospital cover for COVID-19 patients regardless of hospital care level. All members are being covered for the treatment, including chest and lung treatment, without asking for any extra cost.
In these uncertain times of COVID-19, it is natural to think about what would happen to your dear ones if something happens to you? Though it is hard to think of worst scenarios, we should still think of various possibilities because you never know how things turn out.
Most life insurance companies are offering life insurance cover. It means that if anyone dies of the global pandemic, his family will get compensation for this loss. Moreover, if you get sick with the COVID-19, the insurer can’t raise your premiums.
The havoc caused by coronavirus highlights the significance of health and life insurance because you can’t predict anything about life and the world situation. Once things start getting better, we can only hope that now people will start paying more attention to their health insurance for good.
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