Health
Exemption from Cigna, Humana and COVID-19 treatment fees
Key Point
- Humana and Cigna cover members’ cost sharing responsibilities for COVID-19 services both inside and outside the network
- Aetna first abandoned cost sharing for COVID-19 admission on in-network health system
- Exemption costs the health insurance industry at least $ 95 billion
Two of the major U.S. insurance companies, Cigna Corporation and Humana, Inc., exempt patients from all treatments for COVID-19. Exemptions include hospitalization of the insured, removal of ambulances, and employer planning.
of Move to Sunday when coverage was announced Take effect on Monday. Until May 31, available to all Cigna customers. On the other hand, there is no “end date” in the Humana Health Plan.
Last week, Aetna, Inc., a division of CVS Health, the third largest insurer in the United States, was the first major carrier to abandon the cost sharing of COVID-19 hospitalization on a networked health system. Signa and Humana’s decision means that three major US airlines have exempted almost all patients from COVID-19 from co-paying costs. Analysts said their move should follow other insurance companies.
Humana and Cigna will cover member cost sharing responsibilities for COVID-19 services both inside and outside the network. Also, work with federal authorities to ensure that customers do not receive sudden invoices outside the network.
The companies said the exemption would apply to all medical costs associated with coronavirus treatment, including vaccines when FDA-approved medicines and vaccines become available. Exemptions apply to personal and group plans, Medicare Advantage and Medicaid members with personal insurance.
Cigna, Humana, and Aetna also provide the ability to automatically extend and opt out of cost sharing exemptions for coronavirus treatment to self-employed plans. The Internal Revenue Service (IRS) is also expected to be able to extend the determination of a high deduction health plan tax for coronavirus treatment. This month, the IRS has determined that exemption from copayments for testing non-deductible plans on health savings accounts will not jeopardize tax treatment.
Exemptions cost the health insurance industry a lot of money. Both S & P Global’s estimated health insurance companies are seeing $ 9.5 billion in healthcare costs due to a serious national COVID-19 pandemic. This estimate assumes that up to 30% of members of personal insurance test positive for COVID-19.
“It’s a lot of money they’re giving up.” President Donald Trump said Of Signa and Humana.
S & P Global, when calculating the hospitalization costs for patients requiring intensive care unit (ICU) care, can exceed $ 20,000 for patients with a private health insurance plan under the age of 65. This amount is more than $ 12,000 for Medicare patients requiring ICU care.
“Customers using COVID-19 need to focus on fighting the virus and preventing its spread,” said David Cordani, President and CEO of Cigna. “We have a back while our customers are focused on restoring their health,” he said.
Meanwhile, Humana President and CEO Bruce Brassard said his company “has taken this important step to reduce the burden on the elderly and others who are now suffering. ” “
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