A Fact Revealed by the Pandemic: Insurance is a Must
Two years ago, the modern world was on the verge of a global crisis. Little did we know that the pandemic was about to change our norms and habits- perhaps forever. Although we partially got used to the “new normal” by developing vaccines and speeding up digitalization, the world is still in the grip of the COVID-19 pandemic. In the first half of March 2022- two years later than the initial breakout, the number of daily new cases never dropped under 1,5 million. There are over 80 countries in the world with a population below the number of daily cases of COVID-19.
The importance of health insurance during the pandemic
In such challenging times, we often realize the importance of things that we’d generally overlook. The most vital one, of course, is health. So far, over 462 million people tested positive for COVID-19 and these are just the known cases. Cases requiring medical care amongst almost half a billion COVID-19 patients caused a bottleneck in hospitals. Those who invested in a solid health insurance plan accessed medical care easier than uninsured patients and perhaps, survived the lethal disease thanks to their insurance.
So, insurance is literally a matter of life and death, yet most people still don’t invest in it. Considering the high costs of traditional health insurance due to monopolization in the industry, nobody can blame the uninsured.
FAIR Health’s report revealed that uninsured COVID-19 patients would pay an estimated average of $73,300 for a 6-day hospital stay.
On top of that, general inflation rates also affect the pricing of treatment plans, hospital stays, and medications. The pandemic and the global politics caused record-high inflation rates across the globe, ultimately affecting the cost of healthcare.
Travel insurance could’ve saved millions of dollars during COVID-19 times
During the pandemic, the public also suffered immensely in regard to ticket cancellation as the world shut down and millions of dollars were lost as canceled tickets didn’t get refunded. With adequate travel coverage, even if one needs to cancel their trip, they do not have to fear as their insurance will reimburse them for the unused hotel cost and travel tickets.
These kinds of scenarios are still probable and spending in regard to insurance coverage should be encouraged so that people will not be subjected to bigger expenditures later.
Additionally, contacting COVID-19 abroad without insurance can be many times more costly than testing positive in your home country. Being sick on vacation is unpleasant itself, but being charged thousands of dollars for treatment is worse. Since COVID-19 is still hanging over the world like the sword of Damocles, the odds are against the uninsured. Thankfully, travel insurance covers travelers’ possible healthcare expenses in most cases.
CoverCompared Breaks the Barrier to Access Insurance Coverage
Nowadays, the necessity of insurance is more pronounced than ever, but -as discussed- there are several factors causing people to shy away from purchasing health or travel insurance for themselves and their loved ones.
CoverCompared- the first decentralized insurance marketplace, enables users to compare and purchase insurance coverage on a single platform using their crypto tokens. To further simplify the insurance purchasing process and reduce the costs, we removed gas fees associated with crypto transactions! Users can use cryptocurrencies (the mainstream payment of the future) to purchase various insurance policies at prices much lower than traditional insurance platforms.
CoverCompared is the First DeFi insurance marketplace for the global crypto ecosystem. We aim to lower transactional and administrative costs of insurance policies and coverage while providing high-value, cost-effective insurance products bought using a host of cryptocurrencies.
Our platform will be connecting users with multinational insurance providers for all global insurance products such as crypto-related protection, health, life, and travel policies. The platform will include a frictionless insurance marketplace experience that incorporates next-generation blockchain technology and tokenized incentives.