Your Financial Future: Health insurance and COVID-19
The coronavirus continues to wreak havoc on the economy. The unemployment rate continues to rise and many businesses may not be financially strong enough to reopen. No one knows how long it will take to return to the new normal.
There is starting to be some evidence that the curve may be starting to flatten. This means that certain key metrics, such as the number of new cases, hospitalizations or the number of deaths is growing at a slower pace. There are some hot spots such as New York City where there is a much larger concentration of the disease.
In order for the government to make decisions on when and how to reopen the economy, they will have to determine what percent of people were exposed to the virus and how to keep the curve from spiking back up with a second wave of infections. The fear has always been that the hospital systems could be overrun with more patients than they could handle. This could lead to many more deaths.
Since this crisis is a health issue, let蘑菇视频 look at some of the emergency changes made to health insurance policies. Most policies have waived deductibles or copays for virus testing. This often includes outpatient observations, physician visits and emergency department services if related to the testing. Testing is going to be a very large part of moving forward.
Medicare has had several changes made to deal this the crisis. At this time there are no vaccines for COVID-19. There are some telephone scams where criminals are trying to sell false cures. Do not fall for these. When a real vaccine is developed, it will be covered by all Medicare Part D prescription drug plans.
Because so many Americans are being told to stay home and people are being encouraged to not go to doctor蘑菇视频 offices, Medicare is expanding telehealth. This allows patents to speak to medical personal through electronic means. During this crisis this telehealth is not limited to COVID-19 issues. This could be a source to get your health questions answered. The government has expanded the devices that can be used, including a smart phone. The cost will be paid by Medicare Part B for those on the program.
Because the government declared national public health emergency, Medicare Advantage and Part D provides have some new rules. The CARES Act allows beneficiaries to receive health care services at out of network doctor蘑菇视频 offices, hospital facilities and other facilities at no additional charges. The new law waives gatekeeper referral requirements.
It also loosens some of the rules for pre-approvals of care. It also has to cover the maximum supply of drug refills if requested. The skilled nursing care availability of up to 100 days has been modified to remove the hospitalization requirement if the hospital does not have rooms available due to the virus.
Check with your insurance company, if necessary, to deal with the coronavirus. Some of these rules are only temporary while this current health crisis is in progress. We have to defeat the virus first to get the economy moving forward. We are making progress; it is important that we stay the course to complete the mission.
Your Financial Future is written by certified financial planner Gary W. Boatman, MBA and CFP, who also wrote the book, 鈥淵our Financial Compass: Safe Passage Through The Turbulent Waters of Taxes, Income Planning and Market Volatility.鈥� If there is an area that you would like to see discussed in the column, send your suggestions to gary@BoatmanWealthManagement.com.