- Charlotte D.
- Friday, January 28, 2022
There is a lot of information out there about the incalculable mental and physical costs of COVID-19, but what do we know so far about the financial costs of the pandemic?
So many of us – probably most people you know – have been affected in some way by the COVID-19 pandemic. The loss of human life is difficult to grasp – approximately 866,000 United States residents have died of COVID-19 or its complications as of the writing of this blog.
What are the cost breakdowns and benefits of getting a COVID-19 vaccine?
The United States government is currently providing the vaccine at zero cost to residents. No resident can be denied a COVID-19 vaccine due to lack of insurance, and those with insurance will not be billed out-of-pocket costs (e.g., deductibles, co-insurance, or co-payments). That leaves a financial cost of $0 for COVID-19 vaccines for United States residents.
The financial cost of being hospitalized with COVID-19, however, is much greater, with several reputable sources reporting an average amount around $20,000. Meanwhile, an estimated $13,000,000,000 has been lost due to preventable hospitalizations. While most financial costs are not passed along to the patient, many insurance companies are no longer waiving deductibles, copayments, or out-of-pocket maximums for COVID-19 hospitalizations. This means treatment could easily be quite expensive for the insured – and even more for the uninsured. In 2020, the average out-of-pocket spending for privately-insured COVID-19 patients was $3,800, while the average out-of-pocket spending for Medicare Advantage COVID-19 patients was $1,500.
What can I do about it?
Get your COVID-19 vaccine and booster - the three vaccines available to us here in the United States have been proven effective at helping to prevent serious cases of the virus.
