The cost of COVID-19 treatment, and the impact that the pandemic is having on the healthcare system including health insurance, is a major point of concern in the US, according to data and analytics firm GlobalData.
“The impact of the COVID-19 pandemic on health insurers remains uncertain as the numbers of infections and hospitalisations due to COVID-19 have large variations in the estimated final costs for testing and treatment. The true impact of the COVID-19 pandemic on health insurance premiums will not be known until later in the year,” said GlobalData product manager Johanna Swanson.
She said several US states that did not expand Medicaid, a federal and state health coverage programme for people with limited income and resources, through a healthcare reform law called ‘Affordable Care Act’ were unable to receive billions of dollars in federal funding that could have been used to cover costs for uninsured patients and reduce hospital and healthcare provider losses.
However, Ms Swanson noted that some health insurers have taken a proactive stance by waiving the costs for COVID-19 treatment and few US states have passed regulations to waive costs associated with COVID-19.