The Hidden Costs of Long COVID: How it Can Affect Your Health Insurance and Finances

The Hidden Costs of Long COVID: How it Can Affect Your Health Insurance and Finances

woman with long covid and mask looking outside

As of now, long-term COVID has already affected 25 million Americans. If you analyze the consequences, you can follow similar trends as during the Great Recession. Such a nationwide pandemic caused trillions of dollars in damage to the country’s economy.

The medical system suffered no less. Total costs exceeded 500 billion dollars. These costs are relative because symptoms vary from person to person and can persist for a long time. Below, we will discuss the disease’s long-term impact on health insurance and the financial status of each citizen.

How to Protect Yourself from Negative Consequences?

According to current research, long-term coronavirus disease can be a challenge. Payers and those who provide various services need to be ready for this. Against the background of a long lockdown and financial crisis, the fraudsters may become more active.

They can gain unauthorized access to your social security number. If they try to issue a loan in your name, it can add costs to an already challenging financial environment. To prevent this, you can use credit monitoring to follow your report regularly.

You can make insurance against the theft of your data. Besides, you may extrapolate your actions in the credit account to have a clearer vision of the future balance. After you register with the financial monitor, you can automatically receive notifications whenever suspicious signs of activity appear.

It is good to manage the balance independently, but there are cases when speed and preemptive actions are critical. It is where credit monitoring will come in handy.

Health Insurance and COVID

Understanding the insurance system is often confusing, even when it comes to known and established problems. Prolonged COVID is a relatively new illness with unpredictable symptoms that last an undefined amount of time.

Patients are forced to visit hospitals more often and take more drugs depending on the course of the virus. According to statistics, more than half of patients with long-term coronavirus could not avoid increased medical expenses. About 13% of patients noted that they felt significant financial devastation after a long illness.

Coronavirus has affected millions of Americans. Thus, it has become a common case to contact insurance companies. Health insurance has developed a thorough plan for how to cover long-term COVID-19.

The social insurance representatives have decided to use the same approach as in the treatment of fibromyalgia and chronic fatigue syndrome. With such diagnoses, insurance coverage depended on the specific policy of the citizen. It could be included or missed in the main list.

Challenges Reported in Connection with long COVID

Long-term COVID studies by the Patient Insight Institute showed that most of the patients suffered from the disease in an average form of severity. 20% of them visited the doctor’s office. Cough, chest pain, headache, change in taste and smell, and fatigue prevailed among the symptoms. According to the research, 98% of patients confirmed that they had financial challenges due to their illness. 61% of respondents reported a decrease in quality of life.

long covid financial impact graph

Source

48% of citizens increased medical expenses, and 33% had a need to increase nonmedical expenditures. At the same time, 36% lost their income because they could not go to work. About 26% of respondents increased their caregiving burden. 22% experienced disruption due to inadequate or absent care during their COVID-19. Consequently, 13% of people made changes to their insurance policy to secure more treatment during long illnesses.

Options for Unemployed Patients with COVID

According to studies, about 3-4 million employees could not go to full-time work due to the average or severe course of the coronavirus disease. Many of them lost their main job and therefore did not have the opportunity to use insurance from their employer. Here are some solutions to find support for those with long-term COVID.

Enhance Workplace Insurance

Those companies that have more than 20 employees on staff provide insurance through the Consolidated Omnibus Budget Reconciliation Act or COBRA. This law states that even if you lose your job, you can still use the insurance for the next 18 months.

In some cases, if the employees have suffered from a long COVID, they can be recognized as disabled and receive insurance from the employer for another 11 months.

Use the Insurance of Your Relative

One can join a family member insurance policy within a month of losing the job. Persons who are not yet 26 years old can get insurance through the company where the spouse or one of the parents works.

Use a Public Exchange

All patients suffering from long-term COVID receive insurance from the Affordable Care Act’s marketplace. After becoming unemployed, they can register there for 60 days and benefit from health insurance.

Enroll in Medicaid

If you lost your job and this led to a significant impoverishment of your family, you are allowed to register for Medicaid. It includes full public insurance. Eligibility for the program depends on your current income.

If a person has received disability status based on the long-term coronavirus, they can benefit from Medicare automatically. Participation is also possible for those who are younger than 65 years old. Seniors can also qualify for Medicare, which can be the most beneficial solution.

Bottom Line

Even if your financial well-being has not been affected by your COVID-19 outbreak, ensure you have comprehensive health insurance. It should be reliable and generous with available prescription drugs.

It is important to check your coverage and evaluate the treatment options, as well as the range of providers that service your package. For example, many long-term COVID survivors are not limited to a single medication. Some of them will need the help of mental health professionals.

There is still little research on the coronavirus disease. So, insurers may deny extensive coverage. The task of you as a customer is to win it back and protect your rights in order to maintain your financial status at a decent level.

DevX Editor

DevX Editor

Share the Post:
5G Innovations

GPU-Accelerated 5G in Japan

NTT DOCOMO, a global telecommunications giant, is set to break new ground in the industry as it prepares to launch a GPU-accelerated 5G network in

AI Ethics

AI Journalism: Balancing Integrity and Innovation

An op-ed, produced using Microsoft’s Bing Chat AI software, recently appeared in the St. Louis Post-Dispatch, discussing the potential concerns surrounding the employment of artificial

Savings Extravaganza

Big Deal Days Extravaganza

The highly awaited Big Deal Days event for October 2023 is nearly here, scheduled for the 10th and 11th. Similar to the previous year, this

5G Innovations

GPU-Accelerated 5G in Japan

NTT DOCOMO, a global telecommunications giant, is set to break new ground in the industry as it prepares to launch a GPU-accelerated 5G network in Japan. This innovative approach will

AI Ethics

AI Journalism: Balancing Integrity and Innovation

An op-ed, produced using Microsoft’s Bing Chat AI software, recently appeared in the St. Louis Post-Dispatch, discussing the potential concerns surrounding the employment of artificial intelligence (AI) in journalism. These

Savings Extravaganza

Big Deal Days Extravaganza

The highly awaited Big Deal Days event for October 2023 is nearly here, scheduled for the 10th and 11th. Similar to the previous year, this autumn sale has already created

Cisco Splunk Deal

Cisco Splunk Deal Sparks Tech Acquisition Frenzy

Cisco’s recent massive purchase of Splunk, an AI-powered cybersecurity firm, for $28 billion signals a potential boost in tech deals after a year of subdued mergers and acquisitions in the

Iran Drone Expansion

Iran’s Jet-Propelled Drone Reshapes Power Balance

Iran has recently unveiled a jet-propelled variant of its Shahed series drone, marking a significant advancement in the nation’s drone technology. The new drone is poised to reshape the regional

Solar Geoengineering

Did the Overshoot Commission Shoot Down Geoengineering?

The Overshoot Commission has recently released a comprehensive report that discusses the controversial topic of Solar Geoengineering, also known as Solar Radiation Modification (SRM). The Commission’s primary objective is to

Remote Learning

Revolutionizing Remote Learning for Success

School districts are preparing to reveal a substantial technological upgrade designed to significantly improve remote learning experiences for both educators and students amid the ongoing pandemic. This major investment, which

Revolutionary SABERS Transforming

SABERS Batteries Transforming Industries

Scientists John Connell and Yi Lin from NASA’s Solid-state Architecture Batteries for Enhanced Rechargeability and Safety (SABERS) project are working on experimental solid-state battery packs that could dramatically change the

Build a Website

How Much Does It Cost to Build a Website?

Are you wondering how much it costs to build a website? The approximated cost is based on several factors, including which add-ons and platforms you choose. For example, a self-hosted

Battery Investments

Battery Startups Attract Billion-Dollar Investments

In recent times, battery startups have experienced a significant boost in investments, with three businesses obtaining over $1 billion in funding within the last month. French company Verkor amassed $2.1

Copilot Revolution

Microsoft Copilot: A Suit of AI Features

Microsoft’s latest offering, Microsoft Copilot, aims to revolutionize the way we interact with technology. By integrating various AI capabilities, this all-in-one tool provides users with an improved experience that not

AI Girlfriend Craze

AI Girlfriend Craze Threatens Relationships

The surge in virtual AI girlfriends’ popularity is playing a role in the escalating issue of loneliness among young males, and this could have serious repercussions for America’s future. A

AIOps Innovations

Senser is Changing AIOps

Senser, an AIOps platform based in Tel Aviv, has introduced its groundbreaking AI-powered observability solution to support developers and operations teams in promptly pinpointing the root causes of service disruptions

Bebop Charging Stations

Check Out The New Bebob Battery Charging Stations

Bebob has introduced new 4- and 8-channel battery charging stations primarily aimed at rental companies, providing a convenient solution for clients with a large quantity of batteries. These wall-mountable and

Malyasian Networks

Malaysia’s Dual 5G Network Growth

On Wednesday, Malaysia’s Prime Minister Anwar Ibrahim announced the country’s plan to implement a dual 5G network strategy. This move is designed to achieve a more equitable incorporation of both

Advanced Drones Race

Pentagon’s Bold Race for Advanced Drones

The Pentagon has recently unveiled its ambitious strategy to acquire thousands of sophisticated drones within the next two years. This decision comes in response to Russia’s rapid utilization of airborne

Important Updates

You Need to See the New Microsoft Updates

Microsoft has recently announced a series of new features and updates across their applications, including Outlook, Microsoft Teams, and SharePoint. These new developments are centered around improving user experience, streamlining

Price Wars

Inside Hyundai and Kia’s Price Wars

South Korean automakers Hyundai and Kia are cutting the prices on a number of their electric vehicles (EVs) in response to growing price competition within the South Korean market. Many

Solar Frenzy Surprises

Solar Subsidy in Germany Causes Frenzy

In a shocking turn of events, the German national KfW bank was forced to discontinue its home solar power subsidy program for charging electric vehicles (EVs) after just one day,

Electric Spare

Electric Cars Ditch Spare Tires for Efficiency

Ira Newlander from West Los Angeles is thinking about trading in his old Ford Explorer for a contemporary hybrid or electric vehicle. However, he has observed that the majority of

Solar Geoengineering Impacts

Unraveling Solar Geoengineering’s Hidden Impacts

As we continue to face the repercussions of climate change, scientists and experts seek innovative ways to mitigate its impacts. Solar geoengineering (SG), a technique involving the distribution of aerosols

Razer Discount

Unbelievable Razer Blade 17 Discount

On September 24, 2023, it was reported that Razer, a popular brand in the premium gaming laptop industry, is offering an exceptional deal on their Razer Blade 17 model. Typically

Innovation Ignition

New Fintech Innovation Ignites Change

The fintech sector continues to attract substantial interest, as demonstrated by a dedicated fintech stage at a recent event featuring panel discussions and informal conversations with industry professionals. The gathering,

Import Easing

Easing Import Rules for Big Tech

India has chosen to ease its proposed restrictions on imports of laptops, tablets, and other IT hardware, allowing manufacturers like Apple Inc., HP Inc., and Dell Technologies Inc. more time