Posted on Monday, April 6, 2020 12:35 PM
Due to the COVID-19 outbreak, analysts are reporting that employer health insurance cost could jump by 12% this year, an increase this large could hurt hospices since they are smaller, community-based companies.
Willis Towers Watson conducted an actuarial analysis of self-funded employers to see the estimated annual increase in health insurance costs for employees. When the pandemic began, the firm revised its initial estimate of a 5% increase for 2020 by adding another 7%.
“Despite employers and employees taking the right precautions at this perilous time, the coronavirus continues to spread and place enormous pressure on our nation’s health care system,” said Trevis Parson, chief actuary, Willis Towers Watson. “This spike in the demand for care is likely to lead to a significant jump in employer health care costs beyond previous expectations. However, the ultimate financial impact will depend on many factors, including the portion of the population infected and the severity of their illness.”
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