Hill March 29, 2020
Health insurance premiums could skyrocket because of the coronavirus pandemic, according to analysis released last week.
Premiums could jump as much as 40 percent next year if the coronavirus ends up hospitalizing millions of Americans, state insurance marketplace Covered California’s analysis warned.
The analysis also found that Insurers, employers and individuals are expected to pay anywhere from $34 billion to $251 billion in additional costs for testing and treating COVID-19. A liberal estimation would boost the about $1.2 trillion costs per year by 20 percent or more, potentially leading to a 40 percent increase in premiums.
Covered California’s analysis applies to the commercial insurance market that represents coverage offered to 170 million workers and individuals through private...
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