Saturday, August 1, 2020

Caring for a patient with COVID-19 costs insurers more than 400 thousand pesos: Condusef

The commission reported that until May 11, the insurers have attended to 913 cases, which has had a total cost of 80.4 million pesos. The average cost to attend COVID-19 cases is around 400,000 pesos, according to insurers, hence the importance of a medical expenses policy that provides protection and reduces family economic instability, said the National Commission for the Protection and Defense of Users of Financial Services (Condusef).

After presenting this Thursday the update of the “Simulator of insurance of major medical expenses”, which allows consulting the premium paid by these coverages to people from zero to 70 years, the Condusef revealed that at the end of 2019 there were 12 million 450 thousand insured in medical expenses policies. According to data from the Mexican Association of Insurance Institutions (AMIS), the insurers that offer medical expenses policies register 913 cases of coronavirus care, so the average cost per care amounted to more than 410 thousand pesos. The cost of care increases if the insured requires intensive care, so that of the 913 cases of COVID-19, the total cost amounted to 380.4 million pesos at the end of May 11, said AMIS. “This financial product is essential, given the current circumstances in which no one is exempt from getting sick or having an accident, to face the possible expenses derived from those events, having as a limit the sum insured and with the contracted conditions.

The importance of this insurance lies in the protection it provides against any economic imbalance in the face of illness, “the Commission stressed. The premium issued for medical expenses insurance amounted in 2019 to approximately 84 billion pesos, Condusef revealed. The insurers included in the simulator (Allianz, AXA, BBVA, GNP, Inbursa, Mapfre, Plan Seguro and Seguros Monterrey NYL) concentrate 67.3 percent of these premiums, standing out for their market share, “GNP,” with 25.6 percent. hundred; AXA, 19.3 percent and Seguros Monterrey New York Life with 11 percent share of the value of written premiums, he said. This tool is simple to use, Condusef described, since only the age, sex of each of the family members that are intended to be insured are captured and one of three possible ranges of deductible is selected, showing the comparative answer of costs, basic coverages (such as medical fees, medications, diagnostic aids, hospital expenses, treatments, braces, and nurses’ fees) and some of the main additional coverages that may or may not cost additional to the basic coverage.

The Condusef makes the simulator available to the public at the following electronic address: https://phpapps.condusef.gob.mx/condusef_gastosmedicosGMM/index.php.

Source: El Financiero

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