Worried about how COVID-19 might make your health insurance premiums go up?

This guide answers some of the most common questions about how COVID-19 will affect your monthly healthcare costs.

Will COVID-19 Make My Health Insurance Premiums Go Up

Can Health Insurance Companies Require the COVID Vaccine? [And Other Frequently Asked Questions [F.A.Q.]

Q: Will COVID-19 Make my Health Insurance Premiums Go Up?

According to research from Peterson-KFF, the COVID pandemic is unlikely to affect health insurance rates for 2022. Most projections show premiums changing anywhere from a 1.8% decrease to a 6.2% increase. These moderate rate changes are pretty standard.

But there is a bigger factor at play when it comes to premiums, and that’s the expanded subsidies. As a part of the American Rescue Plan, federal subsidies for health insurance plans have increased for a significant number of people.

Q: Will Health Insurance Cost More for the Unvaccinated?

Under the Affordable Care Act (ACA), health insurance companies are not allowed to charge higher rates based on a health-related status like vaccination. Private companies, on the other hand, can make changes to their group plan contributions based on vaccination statutes.

One example is Delta Airlines, which is now charging unvaccinated employees an additional $200 per month for their group plan.

Q: Are Health Insurance Companies Not Covering COVID for the Unvaccinated?

As of November 2021, most health insurance companies are no longer covering the cost of COVID-19 treatment. This includes for both vaccinated and unvaccinated patients.

This is unlike 2020, where most insurers were waiving as much as 90% of out-of-pocket costs for COVID.  

Q: Is Health Insurance Cheaper if I Get Vaccinated?

Individual marketplace health insurance plans are no more affordable for people who are vaccinated. However, employer-sponsored group plans could become more affordable, as private companies have the ability to make changes to their monthly contributions.

But according to the latest research, choosing to get the COVID vaccine can reduce your chances of hospitalization by as much as 96%. If nothing else, this will keep you from having to come up with your deductible if you get sick.

Q: What About Life Insurance and COVID-19?

Unlike ACA healthcare plans, life insurers can take COVID vaccination status into account when determining your premium.

If you already have a life insurance policy, then your rates will not change. But if you’re signing up for the first time, you might pay more for being unvaccinated.

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We Can Find You a Cheaper Health Insurance Plan for 2022

Insurance rates for unvaccinated and vaccinated people are currently the same, but no matter who you are, there’s almost always a more affordable healthcare option on the table.

If you need a cheaper plan for 2022, we can help. Click here to schedule a consultation with a Personal Benefits Manager (PBM). Your PBM will become your personal, no-charge, one-on-one healthcare expert, there to answer any questions you have about healthcare.

Disclaimer: The information in this blog is designed for general information purposes only. For the most accurate and updated guidance for COVID-19, visit the Centers for Disease Control and Prevention website. If you’re looking for more information about how COVID-19 might affect your employee rights, the Department of Labor’s Coronavirus Resources page is a good place to start.

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