Finances – Coronavirus and Your Medical Coverage

The medical effects of the Coronavirus are being well covered in the media, what is not being covered is how people are going to pay for care in the advanced stages of the Coronavirus (COVID-19)? Many health plans have high deductibles and other plan have limited benefits. How are families going to protect their finances if they or a loved one fall victim to the Coronavirus?

Vice President Pence has stated that the major insurance companies are waiving co-pays for testing .

The state of Oregon publicized: “The state has reached an agreement with several health insurance companies to waive co-payments, co-insurance, and deductibles for their customers who need COVID-19 testing .”

These efforts are directed at the “testing” for the Coronavirus, but what about paying for care if a person is in the advanced stages of the Coronavirus? What about the 27.5 million Americans who do not have health insurance?

The limited studies to date support the fact that most people who develop the Coronavirus (COVID-19) will experience mild to moderate symptoms. The risk factor is for people over the age of 60 and those with an underlying medical condition. Such conditions include:
• High blood pressure
• Diabetes
• Heart disease
• Lung disease
• Cancer

Those who experience the advanced stages of the Coronavirus could experience:
• Lung damage which could result in respiratory
• Acute respiratory damage1
• Pneumonia
• Kidney failure

These “advanced stage conditions” will all require hospitalization and possibly a ventilator. If the person has health insurance, they may have to payout thousands or tens-of-thousands of dollars in deductibles, emergency room deductibles, pharmacy expenses, and what if the insurance company denies coverage based on their review of “medical necessity?”

To protect families HealthCare Advocates suggests that people over the age of 60, or those with underlying medical conditions consider buying a “hospital confinement policy.” A hospital confinement policy will likely cost $30/month depending on the plan and options chosen, but the payout could be between $10,000 and $30,000 depending on the plan. This payout will help protect the financial well being of both individuals and families.

When researching hospital confinement policies people should select a plan that pays a minimum of $500/day. They also need to read the section on waiting periods, exclusions, pre-existing conditions and any section on specific conditions covered as to ensure they would be covered if hospitalized as a result of the Coronavirus.

HealthCare Advocates is a patient advocacy organization dedicated to helping people and families obtain the best medical care while safeguarding their finances.

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