The coronavirus is arguably the greatest threat that the world has experienced recently since it has become a global pandemic. The disease has been spreading fast and it has also spread fear but more importantly, have you thought about the cost implications involved in case you contract the virus?
Healthcare can be really expensive and there is no exception for coronavirus patients. The KAISER Family Foundation conducted research in which it discovered that Coronavirus patients might have to part with as much as $20,000 for inpatient care. The figure will escalate even higher if the patient needs to be put on a ventilator.
Fortunately, if you have health insurance coverage, your insurance company will help offset a huge amount of your hospital bill. However, you might still have to part with more than $1,300 and more than $2,000 if you have taken out health insurance coverage with high deductibles.
Will you have to pay for coronavirus testing?
U.S President Donald Trump’s administration has been working hard to ensure that there is free coronavirus testing. The government has been distributing free test kits across the country to ensure that testing is free. The Federal government also requires insurers to cover the cost of testing which means that you will still not be required to pay out-of-pocket even if you are tested even in a private medical facility as long as you have health insurance. Get tested only if you have exhibited any of the symptoms.
Will individuals without health insurance have to bear the full cost?
The U.S Federal government recently announced that it recently passed a bill that will allow for government funding to be used to cover the cost of treating COVID-19 patients that do not have health insurance. This will only apply if the patient is admitted to a hospital that accepts reimbursement from the government. However, patients also need to find out whether the hospital where they are admitted will waive any extra expenses after the government reimbursement rate.
Having health insurance is just half of the journey. You still have to make sure that your insurance does not have any gaps and you are up to date with the payments. Also, consider subscribing to Medicare especially if you have lost your job and are over 65-years-old.