COVID-19 is spreading and almost 62 lakh was already infected with the fatality of around 6 percent as almost 3.7 lakh people have lost their lives worldwide. The influence can be clearly seen not only on the lives of the people but also on the nation’s economic fabric. Life and prosperity are also at risk, as the authorities are in a position to determine whether to open up the economy or save lives.
Almost all nations have refused to act quickly to take appropriate steps to contain the spread of Coronavirus, despite early warning signs. Today, although some countries have managed to regulate its spread, others are still struggling with it. Taiwan is one of the few countries that, because of its early preparedness, has managed to monitor the spread of Covid-19 to a large extent.
That is, however, for many others, not the case. Now that a major problem has become the shortage of sufficient PPE packs, masks, beds, ventilators, isolation centers, etc., governments have finally been forced to consider the state of their preparedness. Many nations have begun to work in this direction in order to improve their capacities, but only after this lethal virus has already reached their territories and mingled with the population at large.
Getting a strong healthcare system in place is the strongest defense against any such pandemic outbreak. This is true for all nations and for individuals as well. Since the Coronavirus outbreak, the value of the quality of healthcare has increased several times. So, as a person, how well prepared are you to deal with health problems arising from COVID-19 or from some other medical problem?
Depending on the city in which you live, the type of hospital you choose, the number of days of stay, ventilator use, and ICU occupancy, the cost of care due to COVID-19 in a hospital will vary a lot. The stay can be as long as 14 days or even more, depending on the test results, completion of testing, and isolation time, and the hospital bill could go up to Rs 5 lakh or even more.
Medical inflation is close to three times the general inflation rate, according to a recent study by Mercer Marsh Benefits, and similar patterns are prevalent in India, too.
In addition to being a deadly human-to-human transmission virus, COVID-19 has taken its toll on the economic front as economic activity nearly stopped following the authorities’ lockdown orders. Shops, firms, organizations, corporations were all shut down and some employees were facing payroll lay-offs.
In addition to the loss of wages, there is another problem for workers who lose their jobs. The advantage of Community Health Insurance offered by the company goes with the work loss. In these days, several workers who banked entirely on the employer-group insurance offered are most affected.