While Medicare coverage has made it easy and convenient for beneficiaries to worry less about medical treatment and care during emergencies, the Coronavirus pandemic could open up scenarios that could drive higher out-of-pocket costs from beneficiaries.
This could be an eye-opener that you can discuss with a medicare attorney near me as the pandemic restrictions are beginning to subside with the entry of COVID-19 vaccines into the picture.
Early this year, industry analysts are foreseeing higher out-of-pocket costs for beneficiaries seeking COVID-19 treatment and care with the lifting of cost-sharing waivers, according to a recent study by the American Journal of Preventive Medicine and calling for legislation to compel insurers to cover hospitalization for COVID-19 infection.
Here are four major factors that can affect costs for COVID-19 treatment for beneficiaries.
The post-pandemic scenario is reminiscent of the Spanish flu and other global pandemics that took its financial toll on the health and wellness sectors. Currently, with governments scrambling for resources to meet the demand for urgent remedies and preventive measures, funds are becoming scarce and may call for the public to contribute to their share of costs to sustain essential healthcare services.
Not just COVID-19
While COVID-19 mitigation measures have been seeing great strides in some parts of the globe, influenza should also not be taken out of the picture. It is still one of the options next to COVID-19 that will add up to the burgeoning costs for coverage.
According to an elder attorney near me, the flu will disproportionately affect the elderly and will entail similar care protocols as with COVID-19 treatment.
The high financial cost of treatment and care amidst COVID-19
The study found that around 40% of Americans could not afford to pay for a $400 urgent care need and at the rate of infection among Americans, it makes hospital care more challenging and difficult.
The demand for treatment and care will require the establishment of more medication, care facilities, and additional frontline workers to treat those infected.
Infection risks also become greater for people aged 60 and above, all of which could potentially bleed out Medicare and government funds, with the need to funnel in more financial resources as suggested in the study.
Increased risk of infection
The elderly and immune-compromised sectors of the population are at higher risk and with an estimated 60 million beneficiaries nationwide, the threat of COVID-19 can easily bleed coverage funding dry unless safety and preventive measures are strictly enforced to prevent this from happening.