Health insurance after COVID-19

Here are a few things you need to know!

1.  Premiums are Projected to Rise 

 According to Covered California, premiums in 2021 for both employer and individual health insurance policies are projected to rise by up to 40%. The good news is, rates for 2020 are already set, so businesses and individuals should not see an increase in premiums for the rest of this year. But when 2021 comes, barring government intervention, there may be steep increases. 

With rising premiums in an already costly market, this will be especially difficult for individuals and small businesses, who don’t have reserves of money for these types of expenses. A proactive move for small businesses would be to reach out to an experienced health insurance broker, who can help clients navigate through their options to find the best policy at the best value.

2.  New Legislation on Coverage Requirements 

In March 2020, the Families First Coronavirus Response Act was passed, requiring health insurance companies to waive all co-pays and deductibles for COVID-19 testing. The law waives other costs related to COVID-19 as well, including telehealth services, emergency room visits, and urgent care. 

The federal CAREs Act passed shortly after the Families First Act, expanded the types of COVID-19 testing that are covered beyond FDA-approved tests. This helps to ensure patients do not receive surprise bills due to COVID-19 testing. CAREs will also cover a vaccine for the virus when one becomes available.

3.  Telemedicine will become a Major Player 

Online health visits have become increasingly popular in the last few years for a variety of reasons, from affordability to less exposure to others who may be sick. If you are uninsured or have minimal coverage, it is often far less expensive to video chat with a doctor for a few minutes than to visit their office, and you have no chance of sitting next to someone with a bad cough in the waiting room. 

Many of these e-health visits can be conducted by non-physicians, like experienced Registered Nurses and Nurse Practitioners. With more healthcare providers available, there will be less wait time for patients. Telehealth also makes it easier for people in underserved communities and rural areas to have access to primary care. 

Telehealth is beginning to expand beyond primary care as well, into behavioral health, and some types of specialist visits that can be conducted over video chat. Though some have speculated that telehealth is less effective than an in-person visit, in many cases, evidence suggests it is just as effective and more convenient.

The federal CAREs Act passed shortly after the Families First Act, expanded the types of COVID-19 testing that are covered beyond FDA-approved tests. This helps to ensure patients do not receive surprise bills due to COVID-19 testing. CAREs will also cover a vaccine for the virus when one becomes available.