Covid Package costs 1.5 to 3L for 5-8 days even in a small hospital in a tier-2 town. These are unusual times. The coronavirus pandemic continues to wreak havoc. The second wave is going on, it actually pulled a rug beneath us and the third wave is expected later in the year. The pandemic has impacted our lives and our finances. There is great uncertainty as to what’s next for businesses, economy, many of us wondering How safe our job is? What to do if one gets Covid 19? The coronavirus treatment could easily drain someone’s life savings. What strategies do you need as you navigate the financial impact of the pandemic, to fight the Covid financially?
Covid 2 wave is bad. We have seen, heard, read, Bodies floating in rivers People gasping and begging for oxygen. Parking lots converted to cremation grounds.
Why was Covid 2 worse than Covid 1? Did leadership fail us? Are we responsible for this mess? If the apocalypse we saw in the last few months doesn’t teach us some valuable lessons, nothing will.
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Cost of Covid Treatment in Hospital
From Indian Express Hefty Covid treatment bills
Jog dhyan was handed over a bill of Rs 7.59 lakh by Paras Hospital of Panchkula on May 13 for his treatment for Covid-19 between May 2 and 13. The charges were reduced by 2.5 times to an aggregate of Rs 2.9 lakh after an investigative committee set up by the Panchkula health and district administration intervened.
The family of Ashok Kumar, who succumbed to Covid on April 9, was handed a bill of Rs 9.77 lakh for his treatment since March 24 in Paras Hospital.
Dharam Pal Singhal, who had been admitted to the same hospital on April 17 and was discharged on May 3, was handed a bill of Rs 4.97 lakh for various procedures as well as lab tests.
Since the beginning of the COVID outbreak, insurers and hospitals have often been locked in disputes over expenses payable.
Some hospitals insist on cash only. Many hospitals charge an extra 1.5-2% on a credit card. Covid Package costs 1.5 to 3L for 5-8 days even in a small hospital in a tier-2 town
Read about BasuNivesh’s My experience of Covid and Personal Finance Lessons
Some indication of announced costs and actual costs is given below
Rs 30,000 to 40,000 per day up to a lakh of rupee and more depending upon the severity of cases. It will amount up to anywhere between Rs.2,50,000 to
Rs.5,00,000 or more for a 5 to 7 day hospitalization.
if the covid patient is on a ventilator then it will cost around Rs.1,00,000 rupees a day.
A case of his own treatment for Coronavirus in Care Hospital, Banjara Hills, Hyderabad has been presented to show the kind of billing and unethical practices these private hospitals are engaging themselves. The bigger question is the role of governments in combating the inflated price issues.
Suggested Hospital Costs for Covid Treatment in Private Hospitals
Build an Emergency fund
Evaluate Health Insurance
- Medical treatment expenses of patients who were either home quarantined or treated in COVID care centers are not covered. You need to be hospitalized if you want to claim benefits from Corona Kavach and Corona Rakshak policy.
- There is a waiting period of 15 days. So a person who has already tested positive will not get benefit from the policy
- No medical examination is required to purchase this policy. People with co-morbidity can also be covered by paying an additional premium
Limit your Loans or Borrowings
When you get in debt you become a slave — Andrew Jackson
Prepare for future
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or Tax on Mutual Funds and Shares here.
Show Kindness
Help when and where you can. Consider ways you can help others if you can afford to.
So summarising how you can be prepared to fight Covid Financially?
Are you ready to fight Covid financially?
