Stay-at-home orders are in effect due to the coronavirus pandemic. And with less people patronizing businesses, layoffs have become an unfortunate reality for many.
These circumstances have inevitably impacted our economy overall. But people are especially concerned about paying for COVID-19 medical costs, becoming unemployed, and losing health insurance.
Results from more than 1,000 people in our healthinsurance.com coronavirus economic impact survey revealed that 52% don’t have enough money saved to pay for treatment if they contracted COVID-19. Meanwhile, 46% would think twice about seeking medical care right now due to costs.
When it comes to the transparency of COVID-19 medical expenses, 9 in 10 of our respondents think that prices should be available as they are for items on a restaurant menu.
In regards to unemployment, nearly a quarter of respondents lost their jobs due to the Coronavirus pandemic. And more than half aren’t aware of their coverage options if they lost their health insurance.
You can check out our coronavirus economic impact survey for the full findings.
If there’s one silver lining of lockdowns caused by coronavirus, it’s the advancement of telemedicine, which gives people access to board-certified online doctors to treat non-emergency illnesses and keeps them out of the waiting room during the pandemic.
As mentioned above, our April survey and a BenefitsPro article uncovered how nearly half of our respondents would think twice about seeking medical care right now due to cost. Thankfully, telemedicine could be a convenient, cost-effective option when times are tough for many during the Coronavirus pandemic.
With many people facing unemployment, Congress recently approved a $2.2 trillion stimulus bill that includes a $200 million investment in telemedicine to help people pay for telemedicine.
Doctors and insurance companies alike appear to be jumping on board, too: Nearly one-third of our April survey respondents said they received correspondence from their doctor or health insurance company about telemedicine services.
So as our Washington Examiner op-ed says, now is the time to embrace telemedicine.
Whether we’re monitoring COVID-19 news or launching our own Coronavirus surveys, we continually give updates on the evolution of the pandemic and what this means for our country.
Here’s a summary of some of the latest COVID-19 updates for April 2020:
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