Affordable health insurance: A requirement or a luxury?
The ongoing pandemic once again proved that health insurance is not an option, but a necessity. During the pandemic, the public has become very aware of the need for health insurance. Yet, unfortunately, the majority of the world still shy away from investing in a solid health insurance plan due to the high costs of those coverages. For example, a broken leg can cost up to $7,500, worsening the situation even more by weakening your financial health too. Health insurance can help protect you from such high, unexpected costs and ensure a physical and financial recovery.
Why do you need health insurance?
Health risks and uncertainties are a part of life and can be a costly part if one doesn’t take the necessary precautions. Thus, health insurance is a necessity, not an option. 20% of uninsured people skip medical treatment because of high costs, often making their problems more complicated to treat.
FAIR Health’s report revealed that uninsured COVID-19 patients would pay an estimated average of $73,300 for a 6-day hospital stay. Depending on the insurance provider, the cost could drop to $7,533, almost 90% lower.
The modern world’s lifestyle is also taking its toll on global health by making us more prone to a wide range of health problems. Stress, eating disorders, pollution, and many other factors can result in harming your or your loved ones’ well-being. While losing your health is unpleasant as it can be, treatment costs can make things even worse if you don’t have insurance coverage.
Medical inflation is another factor that must be taken into account as treatment costs are getting higher every year due to advancements in medical technology. General inflation rates also affect the pricing of treatment plans, hospital stays, and medications. Thankfully, you can beat the burden of medical inflation by investing in an insurance plan and paying a relatively average premium each year.
On top of all that, mediation fees in traditional insurance add up to the health coverage prices, making them even more inaccessible for people. With the emergence of new decentralized payment and purchasing options, health insurance is expected to become more accessible.
At CoverCompared, we aim to further break down the barriers that hinder access to imperative insurance coverages, to users globally. Along with being the first platform to enable gasless policy purchasing, we continue to explore other traditional insurances that could be offered in exchange for cryptocurrencies, for the first time ever; thus, pushing crypto further into the realm of mainstream global payment.
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.