Many health plans make sweeping concessions to consumers, which could strengthen their cause as well. A number of insurance companies, like CareFirst, have even refused to take COVID-19 projections into account in their 2021 stock exchange premium claims while handing out premium credits to clients, extending grace periods for non-payment and improving access to telehealth.
“We’ve come to the conclusion that you don’t want to flood the market with a bunch of people who don’t have access to health care in the midst of a pandemic,” Pieninck said. “We had no idea at the time what exactly the bottom line would look like in terms of the economic pressures on CareFirst or what the potential costs of use would be for the rest of the year. What we did know was that we were in a comparatively better position financially than many of our clients. “
Some companies are starting to cancel these concessions, but CareFirst and others have extended them until the end of the year, with a view to continuing some form of consumer assistance until 2021.
“Some insurers believe the pandemic will have a downward effect on their costs next year, while others believe it will increase their costs,” said Cynthia Cox, vice president of the Kaiser Family Foundation. “If there is pent-up demand for abandoned health services and widespread adoption of a vaccine, especially if the vaccine requires multiple doses, it could drive up costs. “
The extension of financial aid to businesses would also make it possible to maintain access to health insurance. The Alliance to Fight for Health Care, an industry coalition, estimates that 7.5 million people lost their commercial insurance in April and May alone, many of whom were scheduled to switch to Medicaid. The Centers for Medicare and Medicaid Services reported last week that Medicaid enrollments rose sharply once the pandemic began, with more than 4 million Americans registering between February and June.
