Americans keep hearing that it is important to test frequently for covid-19 at home. However, it is worth looking for a “at-home” rapid test for covid in a shop and at a cost that makes frequent testing affordable.
Testing and mask-wearing are important measures if the country hopes to beat covid, restore normal life routines, and make the economy run efficiently. The federal government plans to make it easier for Americans to take cheaper tests.
The Biden administration announced Jan. 10 that every person with private insurance can get full coverage for eight rapid tests a month. Either you can get it from a retail pharmacy that is part of an insurance company network, or you can buy it in any store and be reimbursed by the insurer.
Congress stated that private insurers must cover covid testing and associated medical services if it passes the Families First Coronavirus Response Act and the Coronavirus Assistance, Relief and Economic Security or CARES, Act .. The have-insurance-pay-for-it solution has been used frequently through the pandemic. Insurance companies were instructed to pay for PCR testing, covid treatment and administration of vaccines. The vaccine costs are paid by the taxpayers. This seems like a simple solution for politicians because it doesn’t cost taxpayer money and looks great.
1. Are these tests free?
Well, no. Many economists will tell you that there is no free lunch. Someone must pay the bill. The cost is initially borne by the insurance companies. Cynthia Cox ,, a vice president at KFF, who studies the Affordable Healthcare Act and private insurance companies, estimated that the total bill could reach billions of dollars. She said that the exact amount depends on “how simple it is to obtain them” and “how many will be reimbursed.”
2. Is the insurance company going to pay these imposed costs?
If companies use the proven insurance industry playbook, they will pass those costs on to their customers. “This will increase premiums,” stated Emily Gee coordinator for health policy at The Center for American Progress.
Major insurance companies such as Anthem, UnitedHealthcare, and Aetna didn’t respond to inquiries to discuss this matter.
3. If this is true, then why don’t I already have higher premiums?
Insurance firms had the opportunity last year to increase premiums, but they didn’t.
Why? Why? For example, the industry’s profits in 2020 increased 41% to $31 billion from $22 billion, according to the National Association of Insurance Commissioners. According to the NAIC, the industry is continuing its “tremendous rise trend”, which began before covid was created. Soon, 2021 companies will report their results.
The reason for these profits is obvious. Your premiums were based on projections that your insurance company made about the amount of health care consumers will use in that year. Because people stayed home, had fewer accidents, postponed surgeries and, often, avoided going to visit the d