COVID-19 could cause insurance premiums to spike as much as $251B next year: report

Fierce Healthcare March 23, 2020
Robert King

The cost of covering the COVID-19 outbreak could cause major ripple effects for insurers planning for the 2021 coverage year now.

The COVID-19 outbreak could cause premiums for individuals and employers to spike from 4% to 40% next year, a new analysis from California’s Affordable Care Act (ACA) exchange found.

The analysis, published Saturday by Covered California, said insurers are in the process of setting rates now for the 2021 coverage year. Those rates will likely have to factor in any costs for the COVID-19 outbreak that has spread across the country.

Covered California said the actuarial analysis underscores the need for the federal government to step in and help cover the costs for testing and treatment of the virus...

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