Medical Insurance is a savior for people during this Covid-19 era. Without Medical Insurance, most of the people will be bankrupt during this time. On the other hand, Insurance companies which enjoyed taking premiums from the people were now in tough situation as the number of claims were raising day by day.
Recently an elderly person who was in the hospital for over a month was billed 1.1 million dollars. The person was in ICU for 42 days and is on ventilator for 29 days. At that end, he came out of the hospital free of Corona but with a 1.1 million dollar bill. Luckily, he was covered under the Federal Health Insurance program and he doesn’t need to pay the money. Insurance will take care of it.
Analysts were expecting that the Insurance domain may see more impact in the near future. Covid-19 is considered to be the start of the recession and Insurance domain has been added to the list of sectors that might get heavily impacted.