Health Insurance Changes Coming in 2021: What You Need to Know
Healthcare is a dynamic industry, with new technological advancements, and legislation changing the way care is delivered and covered. With so much happening on the healthcare landscape, it can be tough to stay up to date, especially on the changes that are coming in 2021 as a result of the COVID-19 pandemic. Here is a top-down look at what to expect for health insurance changes in 2021.
Higher Premiums
While COVID-19 may have caused more people to enroll in health insurance plans, it has also caused an increased likelihood of higher premiums. Due to the COVID-19 pandemic, insurance carriers have been seeing increased claims and financial losses. In an effort to balance the increased expenditure, health insurance companies may increase their premiums. It is therefore essential to carefully analyze your healthcare needs and budget accordingly.
Telehealth and Virtual Visits
The COVID-19 pandemic has forced the healthcare industry to accelerate the adoption of technology, leading to the widespread use of telehealth and virtual visits. In 2021, telehealth is expected to continue growing as a critical component of healthcare delivery. It’s a convenient and affordable way to receive care, particularly in non-emergency situations. During the COVID-19 pandemic, many insurance companies waived co-payments and deductibles for telehealth visits, which might be extended into 2021.
Expanded Coverage for Mental Health
Mental health has become a significant area of concern during the COVID-19 pandemic. Therefore in 2021, the goal of improving access to mental health care will take center stage. More health insurance companies are likely to expand their coverage of mental health services, which can include psychotherapy, substance abuse treatment, and mental health evaluations. Also, the Mental Health and Substance Use Disorder Parity and Addiction Equity Act is expected to provide more protection and demand health insurance companies to adhere strictly to Mental Health parity laws.
Prescription Medications
Prescription medication coverage changes are scheduled to take effect in 2021. The No Surprises Act aimed at capping the cost of surprise medical bills will also cover prescription medications. The changes will primarily affect high-cost specialty medications and is expected to lower out-of-pocket costs for patients.
Wrap Up
Overall, 2021 promises to be another significant year for health insurance changes. From telehealth, pill coverage, mental health, and prescription medication changes, it is essential to stay up-to-date on the various changes to make informed decisions regarding healthcare coverage. Reviewing your current healthcare insurance policy, carefully analyzing your healthcare needs, and consulting with a professional health insurance agent will help you navigate these changes.
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