Skyrocketing coverage losses, unemployment fears, and payers reimbursing a bigger chunk of COVID-19 claims are just three ways that the crisis is changing the health insurance landscape.
1. INSURANCE COVERAGE LOSSES INCREASE
According to a new Economic Policy Institute (EPI) analysis, many Americans are losing their employer-sponsored health insurance right when so many of them need it most.
As of April 30, a little less than 28 million workers had been laid off or furloughed since early March, which translates into likely employer-provided health insurance losses of 12.7 million.
That’s up from an April 16 EPI estimate that 9.2 million may have lost employer-provided health insurance coverage.
2. MEDICAL EXPENSE AND UNEMPLOYMENT FEARS PLAGUE CONSUMERS
Even consumers who haven’t lost their jobs or their health insurance are worried about it happening, especially if they get COVID-19.
A new AccessOne survey finds that:
- Three-quarters of consumers are concerned that they will lose their jobs as a result of the coronavirus pandemic
- More than half worry they’ll lose their health insurance as a result of that job loss
- 68% are concerned about their ability to pay for general medical expenses this year
- 58% said they would consider delaying a non-emergency but medically necessary surgery this year due to cost and 56 percent said they would delay a diagnostic procedure due cost (high-income earners more likely to delay)
- Nearly three-fifths of respondents said that out-of-pocket medical bills are not in their top five high-priority household expenses
3. INSURERS PAYING BIGGER PORTION OF COVID-19 CLAIMS
Even as people lose their employer-sponsored health coverage, data from Waystar found that insurers are paying a larger portion of the financial burden for COVID-19 patients.
It showed that while patient financial responsibility averaged at 10% across all COVID-19 claims, it dropped to 2% for the largest claims.
The new data also shows that Waystar’s telehealth volume grew 40 times larger in the past month.
That’s in line with growth from Teladoc Health, which saw total visits skyrocket in Q1 2020 as the telemedicine company experienced a substantial demand increase as a result of the coronavirus disease 2019 (COVID-19) outbreak.
Speak with a licensed agent at Uniamericainc.com to discuss which coverages best fit your unique situation.
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