The Cost of COVID-19: Potential Impact of the Corona Virus on Your Healthcare Spend

APRIL 2020 - A recent actuarial analysis suggested that health insurance premium increases due to COVID-19 could range from 4 percent to more than 40 percent in 2021. However, other studies have indicated that COVID-19 may only minimally impact the commercial health insurance market. What’s the truth, and how concerned should we be?

Since the first hint of the current pandemic, Axene Health Partners has been monitoring COVID-19 and its impact on the nation, especially on the healthcare system. SCM’s Benefits Division Leader John Melbon and Josh Axene, Partner and Consulting Actuary at Axene Health Partners, give an important update about the financial impact of COVID-19 on your group health insurance spend. Together they reviewed the high, low and mid-range projections for COVID-19 and discuss how the new corona virus might show up in commercial health insurance rates as we turn the corner towards 2021.

About the Speakers

John Melbon, CLU, is the Executive Vice President and Practice Leader for the Employee Benefits Division of SCM. John brings more than 30 years’ experience as an employee benefits expert to SCM, having spent time on the insurance carrier and brokerage side of the business. John has made a career of providing employee benefits consulting, brokerage, communications and administration expertise to middle market group insurance clients.

Joshua Axene, ASA, FCA, MAAA, is partner and consulting actuary at Axene Health Partners, LLC . His consulting is centered around projecting, measuring and assessing the healthcare system. Josh regularly consults with insurers, hospitals, health plans and employee plan sponsors. In recent days Axene Health Partners has been very involved with the COVID-19 projections including the cost, spread and impact. Axene Health Partners, brings an innovative view to actuarial work as they combine clinical expertise through MDs with actuarial science.

For questions, please contact Kim Bubnis, Executive Vice President in SCM's Employee Benefits Division kbubnis@sullicurt.com.

This webinar is sponsored by SullivanCurtisMonroe Insurance Services, and presented as a complimentary service to our clients and friends. It is for educational purposes only.

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