Premiums Could Spike Next Year As Health System Absorbs Economic Challenge Of Treating Coronavirus
Depending on how many people need care, insurers, employers and individuals could face anywhere from $34 billion to $251 billion in additional expenses. “No insurer, no state, planned and put money away for something of this significance,” said Peter Lee, the executive director of Covered California. Meanwhile, two major health insurers say they will waive out-of-pocket costs for coronavirus treatment.
The New York Times:
Coronavirus May Add Billions To The Nation’s Health Care Bill
With so much still uncertain about how widespread hospitalizations for coronavirus patients will be around the United States, a new analysis says premiums could increase as much as 40 percent next year if the pandemic results in millions of Americans needing hospital stays. “Health plans went into 2020 with no hint of coronavirus on the horizon,” said Peter V. Lee, the executive director of Covered California, the state insurance marketplace created under the Affordable Care Act, which conducted the analysis. To protect businesses and individuals from sharply higher rates, he supports a temporary federal program that would cover some of these costs. (Abelson, 3/28)
The Hill:
Health Insurers Cigna, Humana Waive Out-Of-Pocket Costs For Coronavirus Treatment
Two major U.S. health insurers, Cigna and Humana, are waiving all out-of-pocket costs for coronavirus treatments nationwide. "Two of the country's largest health insurers, Humana and Cigna, are announcing that they will waive co-pays, which is a big deal. For anybody who understands insurance, they don't waive co-pays easily, but we've asked them to do it, and they've done it," Trump announced at a Sunday press briefing in the Rose Garden. (Bowden, 3/29)
Bloomberg:
Cigna, Humana Waive Cost-Sharing For Covid-19 Treatments
Leaders of both companies called it the right thing to do to help alleviate financial stress for their members and to remove barriers that could keep people from getting needed medical care. “We’re stepping in as aggressively as we can to support care access and peace of mind,” Cigna Chief Executive Officer David Cordani said in a joint interview with Humana CEO Bruce Broussard. The immediacy of the coronavirus crisis has overshadowed America’s longstanding conflicts over the price of medical care and how costs should be distributed. But those problems are simmering in the background as the pandemic meets a population where access to health care was already precarious for tens of millions of people. (Tozzi, 3/29)
