Providers waiving cost-sharing for Coronavirus

[Kenneth82]

Well, it's a start...Humana and Cigna are waiving cost-sharing. Looks like Aetna's only doing it for hospital admissions. Do you think others will follow?
Insurance Providers Cigna, Aetna & Humana Waive Patients’ Share of COVID-19 Treatment Costs - EZ.Insure

 

[somarco]

Your headline says providers are waiving cost sharing.

The article describes carriers waiving cost sharing.

Not blaming you. The *** that wrote that piece doesn't understand the difference in a provider and a carrier.

Carry on . . .

 

[Josh]

And here I was thinking that was illegal...

 

[Kenneth82]

Haha, ok, well, late-night semantic slip-ups aside, still curious what the thoughts are on this?

 

[somarco]

CARRIERS are waiving cost sharing to encourage early detection in hopes of fewer and lower claim dollars.

Providers are losing $$$ on lower foot traffic and lower reimbursement for telehealth.

Smart move for carriers.

Lousy for providers.

 

[Kenneth82]

Yeah, sure, I get all that - like I said, late-night semantic slip-up that I should have caught and edited in my post title. And I agree that it's good for CARRIERS. So I'm wondering if more will get on board. I was reading other threads about testing coverage but nothing about any other expanded coverage.

 

[Ann H]

The expanded coverage is an awesome PR move for carriers, and for agents. I've called every group client to reinforce that they bought a quality insurance plan, and we have their back during a crisis. Besides waiving deductibles, copays, co-ins, cost sharing for anything COVID19 related, most group carriers are also expanding grace periods for premium payment, waiving rules like "actively at work", full-time hours to be worked, coverage for furloughed employees, etc. Two group carriers offered a new SEP for employees, spouses & children who waived previously and now want to enroll. The SEP seems like adverse selection, but it's actually a big PR move. Disability carriers are revising their rules to keep people insured, and others (like Dental, Vision, etc.) are doing rate passes at renewal and/or reducing premium. How can they do this? Well, first catastrophes like this are baked into the premium. Second, early detection lowers costs. Third, hospitals realize they will be paid. Fourth, telemedicine is less expensive. Fifth, all other claims are DOWN! Fewer car accidents, elective surgeries delayed, and non-essential visits to Dr., urgent care, and emergency rooms are way down. The elective surgeries will someday come back, but unnecessary visits to the doctor will never result in a claim. One carrier said in a webinar yesterday, that their claims are net neutral, another carrier said they are down. Time will tell about the costs of the vaccine and treatment, but for now this is working.

 

[Kenneth82]

That's great...and yeah, I suppose that a lot of other types of claims will go down, so maybe it will all kind of even out.