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Health Insurance during Covid-19


Many individuals are taking up various safety and health measures to protect themselves from the dreaded Coronavirus. However, social distancing and self-isolation alone cannot promise health security forever.

Due to a large majority of U.S households depend on employer-sponsored insurance to cover healthcare, any shock to the economy that affects jobs also compromises access to health coverage. The Coronavirus is one of such shocks, pulling the U.S economy pretty close to a total shutdown in March and April. If you lost your health insurance because it was tied into your employment you than received a cobra option which was probably more expensive than your mortgage. If the rate for cobra was out of control then being able to apply and secure private health insurance for your self or family can give you the protection you need against major hospital claims with catastrophic coverage. Health and wellbeing can be very unpredictable, and medical mishaps can spring up at the most unexpected times. In this article, we shall consider the role health insurance has to play in treating Coronavirus and the cost of treatment if one becomes infected by the virus.

Coronavirus and health insurance

Living healthy can be as easy as getting the appropriate amounts of sleep and exercise, as well as eating a balanced diet. However, despite how simple it might seem, these simple rules appear challenging at times.

COVID-19 has rocked nations around the world, even cornering us into a lockdown at a certain time. Although governments are trying to prevent the rapid spread of the virus, there’s only so much that can be done. Other than taking the necessary social distancing protocols, health insurance is your next best bet.

The majority of this present generation is health-conscious and believe that they need to build their immunity and keep fit to protect themselves from this ravaging virus. They are engaging in so many activities – from morning walks to working out at home and meditation.

In the bid to keep themselves physically and mentally healthy, there is always a chance of an emergency resulting from this highly infective disease. Due to world health’s current situation, given the global coronavirus pandemic, it has become more critical than ever to sensitize people to the importance of having a greater sense of control over their financial and physical health.

This is where health insurance plays a vital role in medical mishaps, protecting individuals’ wealth, and taking care of rising medical expenses. In the last five years alone, the world has experienced several dreaded viruses such as:

  • Ebola
  • Zika
  • MERS (middle east respiratory syndrome)
  • Nipah

As the most recent and fatal Coronavirus makes its way across the world, the cost of testing and treatment heavily weigh on uninsured or underinsured patients. The best course of action is to obtain an all-inclusive health insurance plan to cover the expenses incurred on possible treatments of infections such as the Coronavirus and other unforeseen illnesses.

In such unprecedented times, the question of whether or not insurance companies will cover hospitalization due to COVID19 in insurance plans obtained before the pandemic is being raised by policymakers. The short answer to the question is – yes. If one does not have an insurance plan, you should obtain an adequate one as soon as possible.

There are several things that the Coronavirus has taught us, from social distancing to primary hygiene factors – however, the most important takeaway is the importance of health insurance for every individual and family.

The occurrence of unanticipated incidents can take a toll on individuals’ lives, regardless of age, health conditions, or even income levels. It is a more prudent option to take preventive action before any medical emergency occurs than try to tackle it at the time of occurrence. This is how health insurance companies play an active role.

Health insurance makes the necessary provisions for better healthcare with comprehensive policies offering quality treatment for all. Through health insurance, a safety net is created around one’s family members and savings, ensuring that they receive the best treatments.

In this age of constantly rising medical costs and a higher tendency of viral infections such as the COVID-19, among other ailments, it is becoming increasingly important to be well prepared for future illnesses while enhancing financial wellbeing.

Although many health-conscious people like to believe that they are somewhat immune to ailments based on their healthy lifestyle and keeping fit, it is not always so. The truth is unforeseen situations such as the Coronavirus can occur, requiring hospitalization, despite the efforts taken to keep illnesses at bay.

You cannot overemphasize the relevance of a trusted health insurance plan that ensures that you are covered both in times of wellness and in dire times such as these.

The role of health insurance during COVID-19 treatment

In the face of the COVID-19 pandemic, uninsured people are the worst hit due to the expensive treatment cost. Like other ailments, the Coronavirus is covered by most insurance plans, reinforcing the importance of health insurance when it comes to handling medical emergencies.

Here are a few reasons why you should have health insurance in a time such as this:

Cuts down out of pocket expenses

According to this article, just a night at the hospital, without any treatments, could cost as high as about $2000. If you are on a health insurance plan, however, such costs are reduced significantly.

With a standard insurance plan, you are entitled to health benefits such as laboratory tests, hospitalization, preventive services, hospitalization, pediatric services, prescription services, outpatient care, and so on.

Cashless treatment

With an insurance plan, you are entitled to cashless treatments that save you the stress of trying to gather money for your massive bills. With this cashless facility, you can focus on your recovery with the confidence that your bills are taken care of.

Family health insurance

People spanning across various age groups can obtain insurance plans which cater to their children and partners. This will ensure that all family members receive treatment and other healthcare benefits if they get infected by the COVID-19 virus and other emergencies. Obtain family health insurance now, so you know your loved ones and your pocket book is protected against any major hospital claims.

Insurance for retired individuals

People who have retired cannot be placed under company insurance. Therefore, they should ensure that they procure individual insurance plans. This will be beneficial if you get the virus.

Cost Involved in Treatment of COVID-19 Positive Patients

Due to different healthcare systems, the cost of treating COVID-19 positive patients might slightly differ. For the more significant part, it depends on what kind of insurance plan you are on, the percentage of deductibles attached, and the coverage benefits it offers.

According to reports, treatment for an individual with no complications can cost up to $9700 under employee insurance. If there are complications, the bill can go as high as $20,300.

Many private insurers offer coverage that can pay for coronavirus complications; however, this comes with deductibles. Almost 80% of individuals are reliant on corporate health insurance covers that have deductibles attached. Most health insurance plans require a 15 to 20 percent co-payment.

To meet up with the exorbitant costs of treating the COVID-19 virus, you must have private health insurance plans in addition to the plans provided by employers to help reduce your out-of-pocket expenses.

With the news of rising cases, many health insurance initiatives are being embarked on by insurers at the local and global health levels. As the insurance market observes an increase in queries relating to popular health insurance policies, companies are working relentlessly to meet millennials’ requests.

Don’t wait until there is a Global Pandemic to protect your family

Health insurance is a necessary safety plan for all individuals. No matter how much you think you have it under control, it is always best to do a double-check and confirm that you can handle whatever comes.

If you are not enrolled in a health insurance plan yet, endeavor to do so as soon as possible, securing yourself from medical emergencies and other health-related occurrences and do not wait until the next global pandemic to obtain health insurance for your family. Early in March the Trump administration met with all the major health insurance carriers and they guaranteed testing for Covid-19 would be free to the customer but if someone tests positive all normal plan deductibles would apply. People who didn’t have insurance and spent March, April or May in the hospital after receiving treatment for Corona Virus are seeing hospital bills in excess of $800,000. Do not ruin your future or credit because of major hospital claims and apply for private health insurance now. A virus-like the Coronavirus can have very adverse effects on finances if unplanned. You do not want to have to bear the costs of medical care while struggling to recover from a deadly virus in the middle of a pandemic. With operation warp speed giving us multiple vaccines with a little bit of luck we are coming down the home stretch of knocking out this virus and getting back to a sense of normalcy.  Health insurance is a must for you to protect yourself completely, take social distancing precautions, wear a mask, hope for the best, and prepare for the worst.