In a surprising move, health insurance companies Cigna and Humana have both waived all costs related to COVID-19 treatment. While the pandemic has left many wondering about Humira Medicare cost, hospital bills and the expenses related to the novel coronavirus, this move alleviates many peoples’ concerns.
David Cordani, the president and CEO of Cigna, issued a statement about the move. “Our customers with COVID-19 should focus on fighting this virus and preventing its spread. While our customers focus on regaining their health, we have their backs.” Many commentators noted that they wished Cigna had their backs even when it wasn’t a time of crisis.
Likewise, Bruce Broussard, Humana’s president, issued a statement to a similar effect. “We’re taking this significant action to help ease the burden on seniors and others who are struggling right now. No American should be concerned about the cost of care when being treated for coronavirus.” As for why Americans should normally be concerned about the cost of care, Broussard made no comment.
Last week, a similar move was made by CVS Health’s Aetna division, which waived the cost of care for COVID-19 patients. Similar moves have been made by Cigna earlier in the month, including waiving the need for prior authorization requirements for testing for the novel coronavirus. Similarly, the need for prior authorization on transfers to facilities for post-acute treatment was waived.
The decision to waive costs in late March was somewhat foreshadowed in an Oval Office address by Donald Trump earlier in the month. On March 11, Trump seemed to indicate that major insurers would be waiving costs for both testing and treatment for COVID-19, weeks before any insurer had agreed to such a move.
The COVID-19 pandemic has already had a tragic human cost, having already claimed hundreds of thousands of lives globally. The novel coronavirus is well on its way to claiming thousands. It will happen before medical professionals are able to contain its spread. And hopefully experts can engineer both a vaccine and a cure. However, there is no guarantee that either will be possible.
On top of these human costs, the virus is wreaking havoc on the international economy. With people practicing social distancing measures to avoid spreading the virus, the Stock Market has been in free fall. Now, with major medical insurers vowing to eat the costs of the pandemic, it is likely that the virus will cause trillions of dollars in damage, and likely claiming hundreds of thousands more lives, before it is brought under control.
