{"id":1403,"date":"2021-05-22T08:44:55","date_gmt":"2021-05-22T08:44:55","guid":{"rendered":"http:\/\/myassetsconsolidation.com\/blog\/?p=1403"},"modified":"2021-05-22T08:44:55","modified_gmt":"2021-05-22T08:44:55","slug":"covid-drains-bank-accounts-of-uninsured","status":"publish","type":"post","link":"https:\/\/myassetsconsolidation.com\/blog\/covid-drains-bank-accounts-of-uninsured\/","title":{"rendered":"Covid drains bank accounts of uninsured"},"content":{"rendered":"

<\/p>\n

CHENNAI : Besides its debilitating health impact , Covid is draining the finances of its victims,particularly the uninsured, causing\u00a0 some to get\u00a0 into long-term debt.<\/p>\n

While\u00a0 49-year-old Mukund\u00a0 Murli got away with a Rs 20,000\u00a0 bill for his hospital stay due to a health\u00a0 cover purchased by his employer, fellow Chennai resident S Hari Charan had to take a personal loan,Which\u00a0 requires him to pay\u00a0 an EMI of Rs 6,500 for four years to clear his hospital bill.<\/p>\n

<\/p>\n

The surge in cases and the subsequent capacity constraints\u00a0 are forcing the middle-class to avail\u00a0 of private healthcare services they cannot afford.Manoj\u00a0 Dubey found himself paying\u00a0 out- of -pocket to the extent of Rs 5 lakh after his two children\u00a0 and uninsured aged parents were hit by covid,requiring hospitalisation.<\/p>\n

Although Dubey\u00a0 had insurance for his wife and kids, he had\u00a0 to borrow from family and friends due to the non-availability of cashless treatment. There are several stories of companies going the extra mile\u00a0 to help employees through financial\u00a0 support,but there are also thousands who have lost livelihood or suffered pay cuts. Those who lost their jobs face the double whammy of losing income as well as their employers group health cover.<\/p>\n

Financial planner say that the pandemic has underlined the need for health insurance\u00a0 now more than at any other time in the past.Last year,the insurance regulator asked companies to offer a low-cost cover\u00a0 for Covid-treatment— Corona kavach.This cover was to expire in March this year , but the regulator has told companies they can renew it until September. While over a crore have already availed of the policy ,there is stilla very large uninsured population.<\/p>\n

“It can be financial nightmare.It could be a once-a-year premium for medical insurance of Rs 6,041, or without it Rs 6,600 a month for four years if a personal loan is availed of, ” said Suresh Parthasarathy ,CEO of financial planner myassetsallocation.When there is a Covid\u00a0 infection,in many cases,more than one family member gets infected.The costs rise proportionately,Parthasarathy added.<\/p>\n

The MD of Star Health,S Praksh,said insurers settle 90% required medical treatment costs and at least 50% of protective equipment.”For the premium one pays,he gets tax breaks,and a continuing policy will give the policyholder accruing benefits.We are seeing more people signing up for policies now, “said Praksh.Insurance aggregator Insurance Dekho’s co-founder and CEO Ankit Agarwal said, ” In the current\u00a0 scenario, customer awareness around the need for protection has increased.The pandemic is changing the dynamics of the general insurance industry.Health insurance having overtaken the motor insurance business for the first time ever emerge as the largest portfolio in the general insurance industry.”<\/p>\n

THIS ARTICLE WAS PUBLISHED IN THE TIMES OF INDIA ON 15.05.2021 WRITTEN BY MR.SURESH PARTHASARATHY.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

CHENNAI : Besides its debilitating health impact , Covid is draining the finances of its victims,particularly the uninsured, causing\u00a0 some [\u2026]<\/span><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[1],"tags":[],"yst_prominent_words":[],"_links":{"self":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/1403"}],"collection":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/comments?post=1403"}],"version-history":[{"count":1,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/1403\/revisions"}],"predecessor-version":[{"id":1404,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/posts\/1403\/revisions\/1404"}],"wp:attachment":[{"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/media?parent=1403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/categories?post=1403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/tags?post=1403"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/myassetsconsolidation.com\/blog\/wp-json\/wp\/v2\/yst_prominent_words?post=1403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}