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COVID-19, health insurance, hospitalization costs

 


Tampa, Florida — As labor costs for COVID-19 continue to increase day by day, the looming financial costs of COVID-19 are economical for millions of Americans, both insured and uninsured. It can cause difficulties.

The cost of hospitalization and treatment for COVID-19 is difficult to control. The cost depends on the severity of the condition and the type of hospitalization required, such as staying in the ICU and standard hospitalization. Below are some facts about COVID-19 costs and insurance.

What is the average hospitalization cost for COVID-19?
It is not known that a certain amount of money is a definite average cost. However, that number has fluctuated between $ 15 and over $ 25,000.

FAIR Health analysis data From more than 30 billion medical bill records, we found that the average bill per COVID-19 patient requiring hospitalization was $ 17,064 for patients aged 70 and over and $ 24,012 for people in their 50s.

Before the appearance of the delta variant Found Medicare and Medicaid Service Centers Medicare service fees for COVID-19 hospitalization averaged approximately $ 24,033. NS Individual analysis of Medicare costs The average cost was found to be $ 21,752. An August Kaiser Family Foundation analysis estimated the cost of hospitalization for COVID-19 to be approximately $ 20,922.

finally, Ed Bastian, CEO of Delta Air Lines, said: On Wednesday, the average cost of employees hospitalized with COVID-19 was approximately $ 40,000.

How are the costs of in-network and off-network costs different?
The number depends on the severity of the disease. According to FAIR Health analysisHospitalization for uninsured or non-profitable people outside the network was approximately $ 73,300. FAIR Health estimated that the in-network cost per patient for private insurance was low, at around $ 38,221.

How much does it cost to be hospitalized for unvaccinated COVID-19?
Kaiser Family Foundation conducts analysis As a result of this question, more than $ 2 billion was incurred in June and July 2021. The analysis used the average cost of a $ 20,000 hospital visit to estimate the number of unvaccinated COVID-19-related hospitalizations in the United States. At about 113,000 in June and July. Multiplying costs by patients, KFF found that June costs exceeded $ 700 million and July costs exceeded $ 1.5 billion.

If the cost doubles again in August, such as June-July, as the Delta variant devastated the country, the total cost of unvaccinated COVID-19 hospitalization for three months would exceed $ 5 billion. Become.

Can an insurance company raise premiums based on the cost of COVID-19?
Courts have not yet considered this issue, but private companies and their insurers have in the past shifted costs based on some health condition that creates higher costs. For example, many companies and insurance companies charge smokers higher premiums than nonsmokers because of the high cost of health care. Others offer discounts by completing certain programs throughout the year.

Jay Wolfson, a public health professor at the University of South Florida, said:

Still, the possibility of paying extra for not being vaccinated seems to motivate many who have not yet received the injection. Delta announced on Wednesday plans to charge unvaccinated individuals an additional $ 200 per month. ABC News reported that the number of Delta employees going to the airline’s onsite clinics for the first vaccination has more than quintupled just 24 hours after the company’s announcement.

What else can I do to increase the cost of health insurance with COVID-19?
COVID-19 continues to affect Americans in the long and short term, so there are many unknowns. But one factor that can start pushing costs up in the short term is cost sharing.

In the first year of the pandemic, many insurance companies (88%) exempted them from out-of-pocket costs if someone was hospitalized., According to KFF. However, as the vaccine was fully approved and widely available in 2021, some insurance companies stopped the practice. According to KFF, 72% of the two largest insurers in each state and DC are no longer exempt from costs, and another 10% will be exempt by the end of October. This means that many hospitalized patients, the majority of whom are unvaccinated, will be hit by hospital bills for their treatment.

According to KFF, a typical employer’s health insurance deduction is $ 1,644, and the estimated average out-of-pocket cost for those hospitalized with pneumonia (similar to those hospitalized with COVID-19 according to KFF) is $ 1,300. It was over.

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Sources

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2/ https://www.abcactionnews.com/news/coronavirus/in-depth-the-cost-of-covid-19-health-insurance-and-hospitalization

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