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COVID-19 – Healthcare Costs And The Right Insurance Covers

Insurance and health experts will be talking about the right insurance covers that help an individual during pandemics like the current COVID-19 situation.

The Policy Bazaar Show is a series that decodes the grey areas of purchasing insurance. Through the 26-episode series, the show will highlight and discuss a magnitude of topics essential to everyone trying to secure their future. From purchasing the right cover to switching policies while shifting jobs, to ensuring a comprehensive child cover, insurance experts deliberate, simplify and, throw light on the complexities of purchasing insurance in India.

In this week's episode, our eminent host, Vivek Law will be talking to Yashish Dahiya, co-founder and group CEO, Policybazaar, and Dr. Nandakumar Jairam, Chairman, CEO and GMD, Columbia Asia Hospitals Pvt. Ltd. India. These experts will be talking about the right insurance covers that help an individual during pandemics like the current COVID-19 situation. They will also talk about healthcare costs in India.

The Right Insurance Cover

The insurance sector in India has always been a target of misconceptions and low penetration rates. However, in the wake of the COVID-19 situation, there has been a high and dramatic surge in the demand for insurance in India. The doubts still remain in the minds of consumers in regards to the right insurance covers. The insurance companies have been trying to accommodate all possible benefits for the consumers.

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The health policies for COVID include cover for hospitalization beyond 24 hours. However, in case, a patient is not admitted for more than a period of 24 hours, some insurers are providing the covers for home quarantine procedures as well. The individuals are covered only to the limit of the sum assured. Hence, it becomes imperative to have a cover that provides a high sum assured. Since, premiums have been available at affordable rates, purchasing a cover with a high sum assured is easier for the consumers.

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The health care costs in India, have always been lower than in many other countries. However, in the case of the corona outbreak, there is no particular cost range. The cost varies on the basis of varying conditions, including the levels of severity in the patients. The cost of healthcare, in any case, is higher in metros as opposed to a tier II or tier III city. The healthcare industry has tried to ensure that individuals across the country should have access to as many benefits as possible, in the safety of their homes. One such initiative is the Swasth app, which has been created with the help of 100 healthcare players across India.

For more insights, tune into the episode.

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