Want Coverage For Consumables

Want coverage for consumables? Add riders to your health insurance plan

Prior to COVID-19,Want Coverage For Consumables use to take up around 3%-5% of the hospital bills.

However since the outbreak of the pandemic.

The share of consumable in hospital bills has increased to a massive 25%-30%.

Want Coverage For Consumables

In the last 15-16 months

Treatment at private hospitals in all major cities across the nation has turn dearer, with the inclusion of essential protective gear.

Consumables for staff that is being pass on to the hospitalization bills of the consumers.

In fact, costs for hospitalization have gone up by 35-40 per cent for all major private hospitals.

Especially with increase in consumption of consumables like PPE kits, syringes, along with addition of sanitization costs.

While before COVID-19, the average hospitalization bill was between Rs 50,000.

Rs 60,000, during the COVID-19 crises it has increase to Rs 80,000 – Rs 90,000.

Over the last one year, costing of COVID-19 beds in private hospitals is running into around Rs 10,000 per patient per day.

For 15-days hospitalization for treatment of COVID-19, the hospital bill mostly runs into Rs 1.5 lakh – Rs 2 lakh.

Increase in Share of Consumables

Prior to COVID-19, consumables used to take up around 3% – 5% of the hospital bills.

However since the outbreak of the pandemic.

The share of consumable in hospital bills has increased to a massive 25% – 30%.

This has left several families across the country in trouble as they are taking loans.

Asking for help from family and friends to pay the hospital bills.

For instance, a family in Bangalore was stump to see 40% of their hospital bill was for consumables that included cost of PPE kits.

N95 masks, sanitization of examination rooms and many other products.

The bill handed over to them by a private hospital was of Rs 2.5 lakh that included consumables worth Rs 1 lakh.

The story is similar across PAN India with people worried about the high costs of consumables in their hospital bills.

In fact, as per underwriting rules of insurers.

Consumables are not payable by the insurance company.

As a health insurance policyholder.

It is important for you to know that your insurer may not cover you for consumables.

The cost of such expenses will have to be borne by you only in case of hospitalization.

Want Coverage For Consumables

Riders to the Rescue

Thankfully, considering the significantly high proportion of consumables in hospital bills.

Insurers have now start to come with riders that can be buy along with base plans to cover.

The cost of consumables in your hospital bills.

For now, two prominent insurers namely Care Health Insurance and Max Bupa Health Insurance are offering such riders.

The feature can be avail through any Care Health insurer’s plan by adding Care Shield rider.

Max Bupa Health Insurance’s Safeguard rider.

Both these riders cost approximately 5% of the base plan premium.

For example, if you choose Max Bupa’s Health ReAssure plan whose annual premium is Rs 8,000,

The annual premium of Safeguard Rider would be Rs 400.

Both these riders help in getting the claim settle for non-payable items.

Have no impact on NCB if the claim is up to 50,000.

Both these riders can be bought with any heath cover to consumables.

Non-payable items like belts, gloves, braces, masks, spirometer, thermometer, and other such items.

Apart from covering for consumables, the Care Shield rider also pays for preventive health check-ups, wellness, home care, doctor consultations, and diagnostics.

Want Coverage For Consumables

 

As per the available trends, the claims payout ratio amongst people who have cover for consumables is 94% while people who do not have cover for consumables is 83%.

This means that people who have a cover for consumables.

The claim payout ratio is 11 % points more than people who do not have a cover for consumables.

These numbers are expect to increase by manifolds as COVID-19 is here to stay for long.

The practice of using consumables for patients during hospitalization will be follow in the long run as well.

This makes it even more important to add consumables rider with your base plan.

A comprehensive coverage against coronavirus infection.

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