Treatment of the novel Coronavirus became a costly affair with the emergence of the second wave of Covid. There are allegations against the private hospitals for increasing the treatment cost and not providing admission unless payment was made in advance.
Taking medical insurances became the need of the hour for the patients. People, who don't have medical insurances and other insurance were forced to go through a lot of hardships as the hospitals are charging a bomb from the patients.
Let us draw comparisons between two cases who underwent treatment at a private hospital. Two colleagues, one with medical insurance and the other without insurance were admitted to the hospital.
The one with medical insurance had to pay a sum of Rs 20,000 at the end of the treatment, while the other took a loan to clear the hospital bill. He has to pay Rs 6,500 every month as EMI for the next four years. This gives an insight into the skyrocketing prices of treatment.
Making the scenario even worse, a few hospitals are not accepting online transactions and demanding the relatives of patients to pay in cash. This is forcing them to borrow money from others despite having a balance in their bank accounts.
Seeing the situation in the country, people are showing interest to take the insurance cover so that they won't face any issues. Moreover, paying premiums for the insurance has some perks and the amount will be exempted from the tax.
Needless to say, Health insurance is slowly emerging as the leading segment in the industry.