COVID-19 Impact on Health Insurance Sector in Healthcare Industry | DBMR
Posted by Rajesh M on April 27th, 2021
COVID-19 Impact on Health Insurance Sector in Healthcare Industry
Similar to different sub-sectors of the healthcare industry, the novel strain of Coronavirus named COVID-19 has impacted the health insurance industry as well. The sudden threat of increase in medical expenses shooting up has impacted a significant share of patients. As a result, the health insurance sector is also striving to come up with products to meet the requirements for COVID-19 specific policies.
The pandemic has augmented the market for digital health products and hence, health insurance providers are also focusing towards seamless app/web based processes. As the demand for health insurance is expected to increase post recovery, companies are focusing towards cost efficient processes to ensure greater productivity. This will lead to higher degree of centralization of health insurance claims and functions of policy administration.
In the wake of the pandemic, health insurance providers across the U.S. are widening coverage and giving their policyholders greater access to health care facilities.
Patient cost-sharing with COVID-19 medical assessment programmes offered by employer-sponsored community insurance benefits has been abolished by the government. This has been implemented as part of the Families First Coronavirus Response Act signed on March 18, 2020 as the second major legislative initiative.
Moreover, many health insurers have waived the co-payments and customer cost-sharing for Coronavirus treatment including hospitalization. These waivers and reductions in patient out-of-pocket costs are expected to benefit not only the policyholders but the healthcare providers as well. They will benefit as the burden of billing is reduced.
The private insurance policies consistent with the Affordable Care Act are a big private health benefits programme in the U.S. The nation has numerous forms of private health care policies available.
EXPANSION OF TELEHEALTH SERVICES
Several routine healthcare services are currently available to patients through telehealth only due to the outbreak of COVID-19. Telehealth has become necessary for many providers and important for others to increases provider capacity. The growth of telehealth is during the pandemic is primarily due to need for safety of both patients and healthcare providers by reducing or avoiding in-person appointments.
For non-COVID-19 health problems that lead to greater telehealth acceptance, several health care providers eliminate all co-payments and deductibles for telehealth facilities.
Telehealth is being promoted as a saving measure by insurers as they are expecting that the expansion of telehealth will help reduce the cost of claims. As telehealth access improves, notably due to the decreased routine office visits as a result of COVID-19, telehealth promotion would increase the experience of patients with this form of delivery of treatment. Read more…
Like it? Share it!
About the AuthorRajesh M
Joined: March 12th, 2021
Articles Posted: 40
More by this author