As employers evaluate their benefits packages for the coming year, the past 2 years are going to play a significant role in that conversation. Before the pandemic, setting health insurance rates followed a formulaic pattern.
But, with COVID-19 throwing healthcare costs for a 2-year loop, finding a relevant comparable year on which to set premiums is a major challenge.
The COVID Effect
COVID hit the health insurance industry in two meaningful ways: First, the cost to treat infected patients, particularly in the intensive care unit, has been astronomical. Many estimates put each stay in the ballpark of $70,000.
