Many insurance companies no longer have COVID-19 cost waiving measure
Idaho (KMVT/KSVT) — According to a study from the Kaiser Family Foundation, over 70% of main insurance companies are waiving a pandemic-era cost waving measure.
During last year’s COVID-19 surge, insurance companies saw high profit margins, as non-COVID hospitalizations were down. Therefore, many companies waved out-of-pocket costs for COVID-19 hospitalizations.
Now, with hospitalizations high, most insurance companies are no longer waving those charges, and long-term COVID-19 hospitalizations are not cheap.
“Intensive care unit care is incredibly expensive and hospitalizations are long. Often times, with COVID we sometimes, will see patients in the hospital for weeks,” said 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 costs beginning at $1,300.
The burden of the cost is not only on those that are hospitalized, health experts are concerned about long-term costs of COVID-19 as well.
“Not only on an individual basis, but a huge cost to our state as well, with increased cost to our medicade budget. People on disability will be covered by medicade, so there is a cost to our state and our general public as well,” said
Copyright 2021 KMVT/KSVT. All rights reserved.