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Medical Insurance & Costs of Coronavirus Treatment: Are You Covered?

July 27, 2021

As the novel coronavirus spreads throughout the United States and nearly every other country in the world, more and more people are concerned about the potential costs of coronavirus treatment and whether or not they’re covered with their medical insurance. If you or a loved one contracts the virus and requires serious medical treatment, are you covered?

It depends on the insurance company your coverage is through and the specific plan you have. Recent legislation passed in the U.S. means that coronavirus testing and other related expenses will be free to all citizens. But, there’s still some confusion regarding what’s covered through insurance and what’s not.

Which Insurance Plans Cover Coronavirus Treatment?

On March 10th, 2020, U.S. health insurance companies stated that they will waive copays for coronavirus testing and that they will also cover the cost of treatment for the novel coronavirus. Medicare and Medicaid will also cover costs without copays.

Major insurance companies such as Anthem, Cigna, Humana, and Aetna all attended a briefing at the White House in Washington, DC to meet about healthcare costs regarding coronavirus in the US. After the meeting, the largest insurance companies in the country agreed that citizens should all have access to coronavirus testing and treatment.

Currently, almost all private health plans include hospital coverage, whether it’s through something like Cigna insurance or Kaiser Permanente. However, previously, patients were left to pay different amounts of the bill depending on their copay. Due to the fact that we’re living in unprecedented times regarding a pandemic and the threat of this specific coronavirus, insurance companies seem to be offering broader coverage.

Does Travel Insurance Cover Coronavirus?

As coronavirus was initially thought to be transmitted primarily by those who had travelled to a hotspot for the spread of the virus overseas, numerous travellers have questions regarding whether or not travel insurance covers coronavirus treatment. However, any coronavirus map will show that it’s not present in nearly every country in the world.

And, that changes how it’s covered under regular health insurance as well as travel insurance. Airlines are offering refunds on cancelled flights as countries close borders. But, if you are abroad or have recently returned home from a trip, chances are that your travel insurance does not cover coronavirus testing or treatment. This is due to the fact that numerous governments around the world have warned against all but “essential travel” as COVID-19 begins to become more widespread.

If the government advises all of its citizens to return home, your travel insurance may cover a portion of this expense. But, if you choose to stay abroad then it’s likely that your travel insurance won’t cover the cost of care in the instance that you contract the virus and need medical care.

Potential Costs of Coronavirus Treatment

It’s worth mentioning that you should absolutely follow the CDC’s guidelines for preventing the spread of the virus. Stay home, practice social distancing and wash your hands or purchase hand sanitizer to use in case you don’t have easy access to soap and water while you’re out. If you are showing symptoms and have to be out in public, wear a face mask to prevent the further spread of the virus.

Contact your state or regional hotline to find out where you can get tested for coronavirus and do so in a safe manner. If you have contracted the virus and need medical attention and care, you will likely be receiving treatment for pneumonia-like symptoms and illnesses.

One health website calculated the traditional costs for receiving treatment for COVID-19 based on statistics for an inpatient admission for pneumonia among large employer plans. They found that across people with employer-sponsored coverage, 82% of covered workers had a deductible, with 55% having a deductible of over $1,000. Their study showed that, for something similar to COVID-19 without other existing or eventual complications, out-of-pocket costs averaged at about $1,464.

Saving Cash For Medical Expenses

It’s easy to let your mind race during a time like this. Whether you’re having to transition into a work-from-home routine or are experiencing job loss, know that you are not alone. Governments are working on stimulus packages to ensure individuals can receive aid during this global crisis.

But, we here at Cheese are also looking after you and your family’s physical and financial health. As you self-isolate and practice social distancing, make it a point to ensure your savings are protected from future economic downturns. 

So, we continue to offer the same great savings as before. Our debit card comes with cashback and other savings bonuses to help your family during this global crisis without charging any banking fees. In times that are as uncertain as to the ones we are currently living in, this can relieve a bit of financial strain on individuals and families.

Sign up for a Cheese debit card today to get started.