Coverage for consumables by adding riders to your health insurance plan
Last year turned out to be challenging for anyone seeking medical help, as medical costs skyrocketed during the ongoing pandemic. Private hospital costs went up by 30-40% as it was made mandatory for the entire staff to have necessary Covid protective gear like PPE kits and masks, along with sanitation equipment.
Before the pandemic, the average hospital bill regarding the health of a normal person was around Rs 50,000 to Rs 60,000, but later on, it has increased to around Rs 80,000 to Rs 90,000. Earlier, consumables only used to cost a meagre per cent of hospital bills, but now it shares around 25-30% of it.
This has led to several families being debt-ridden, unable to pay back loans.
Some private hospitals are even charging up to 40% of the bill just for consumables. And the tricky part is that medical insurances do not cover the cost of consumables. But due to this current scenario, insurance companies have now come up with riders that do cover the cost of consumables as well. Such riders approximately cost 5% of the base plan cost.
According to current trends, payout to claims to those who have cover for consumables is 94%, which is 11% more than that of payouts to cover without them. This number is touted to increase even more as the pandemic is most likely here to stay for quite some more time and affect the citizens’ health.