Companies face uncertain post-pandemic health costs
The COVID-19 pandemic caused a rare short-term drop in healthcare expenses in 2020.
Many people were fearful of face-to-face medical visits. Others missed or postponed appointments because their providers were forced to close or cancel many elective procedures. These types of procedures and medical activity began to resume in the early summer. At least one local insurer says it saw claims levels return to normal levels by June.
It may be too soon to tell the final outcome of 2020 as COVID-19 case counts again are rising and no one is certain of the financial impact. However, according to Willis Towers Watson, a global risk management and advisory firm, the deferred care in the spring drove employer health-claim costs down anywhere from 3.3% to 9.9% this year vs. 2019.
Companies face uncertain post-pandemic health costs
The COVID-19 pandemic caused a rare short-term drop in healthcare expenses in 2020.
Many people were fearful of face-to-face medical visits. Others missed or postponed appointments because their providers were forced to close or cancel many elective procedures. These types of procedures and medical activity began to resume in the early summer. At least one local insurer says it saw claims levels return to normal levels by June.
It may be too soon to tell the final outcome of 2020 as COVID-19 case counts again are rising and no one is certain of the financial impact. However, according to Willis Towers Watson, a global risk management and advisory firm, the deferred care in the spring drove employer health-claim costs down anywhere from 3.3% to 9.9% this year vs. 2019.