Many insurance companies no longer have COVID-19 cost exemption measures
Idaho (KMVT / KSVT) – According to a Kaiser Family Foundation study, more than 70% of major insurance companies are waiving a cost ripple measure during a pandemic.
During last year’s COVID-19 outbreak, insurance companies saw high profit margins as non-COVID hospitalizations were on the decline. As a result, many companies have waived out-of-pocket expenses for COVID-19-related hospitalizations.
Now, with high hospitalizations, most insurance companies are no longer waiving these charges, and long-term COVID-19 hospitalizations don’t come cheap.
âIntensive care unit care is incredibly expensive and hospital stays are long. Often times with COVID we will sometimes see patients in hospital for weeks on end, âsaid St. Luke’s Chief Medical Officer Dr. Frank Johnson.
According to the Kaiser Family Foundation study, the average cost of a COVID-19 hospitalization is $ 20,000, with out-of-pocket expenses starting at $ 1,300.
The burden of cost is not only on those who are hospitalized, health experts are also concerned about the long-term costs of COVID-19.
âNot only on an individual basis, but also a huge cost to our state, with increasing costs for our drug budget. People with disabilities will be covered by Medicade, so there is a cost to our state and our general public, âsaid
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