As COVID-19 spreads throughout the United States and the resulting economic disruption continues, medical insurance carriers are responding to the needs of their customers in a rapidly changing market landscape shaped by legislative and competitive conditions. In this article, we provide an overview of how large medical insurance carriers are adapting to the needs of their insureds and employees.
As the COVID-19 situation is changes on a daily basis, legislators and market participants are trying to keep up. The health industry in particular is subject to a patchwork of laws and executive orders that include the Coronavirus Aid, Relief and Security (CARES) Act, the Consolidated Omnibus Reconciliation Act (COBRA), election deadlines and government action in all 50 states. Although the final impact on insurance markets is not yet fully known and varies significantly by state, Guy Carpenter is providing the following view of how key pieces of the industry, including COVID-19 treatments, testing, telemedicine, prescriptions and eligibility, are impacted.