Covid-19 Costs Threatens US Firms

New research has warned US employers and employees are facing hefty costs if they need treatment around the Covid-19 pandemic given the limited waivers by health insurers.

The research by the Kaiser Family Foundation examined the costs surrounding COVID-19. Their findings highlighted the steep expenses that may plague employer health plans and their employee policyholders.

“Although many insurers are covering some testing and treatments, the costs associated with hospitalisations are not being waived, leaving a large group of employees and their dependents vulnerable to astronomical medical bills,” said the report. “These costs could potentially surpass $20,000 per employee.”

It added: “For many members of the general public, this may seem like an issue that we’re just now uncovering. However, this comes as no surprise to those with a career in health care.”

James Napoli, CEO of medical cost containment company, Medliminal warned the pandemic was having an impact of the looming spectre of costs.

“Although the health care costs associated with COVID-19 are a new challenge that will impact many Americans, medical bill overcharges have been troubling our society long before COVID-19 came along,” he said. “Medical debt has become the number one cause of bankruptcy in America, and yet, over 90% of medical bills contain billing errors.”