As the costs stemming from COVID-19 continue to climb, reinsurers are collaborating with healthcare executives on how to mitigate the impacts of the virus on the sector. Virtual health care options are becoming increasingly commonplace, and the growing use of telemedicine and capacity constraints within our healthcare system will potentially dull utilization increases.
Healthcare reforms heading for enactment with the latest coronavirus relief package ease telehealth rules for high-deductible health plans paired with health savings accounts; permit group health plans — including healthcare accounts — to reimburse costs for over-the-counter drugs; and require first-dollar coverage for COVID-19 testing and vaccines, according to Mercer Law & Policy Group Principals Katharine Marshall, Cheryl Hughes and Kaye Pestaina. Mercer is an affiliate of Guy Carpenter.
The Coronavirus Aid, Relief and Economic Security (CARES) Act also modifies the healthcare and emergency leave requirements enacted in early March by the Families First Coronavirus Response Act. Along with offering a variety of relief to employers and individuals, the CARES Act conforms certain confidentiality standards for information about substance use disorders to the Health Insurance Portability and Accountability Act.
Guy Carpenter has been developing a view of how COVID-19 may impact the medical (re)insurance market.