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Over the past year, COVID-19 has put public health and the economy at the center of attention, emphasizing the importance of people having access to quality health care that they can afford.
The government and many insurers have worked to make treatment related to COVID-19 itself affordable. However, the pandemic may have other long-term effects on health economics in the future. Many people have lost employer’s insurance coverage or income to afford insurance due to the economic shocks of COVID-19, and even after the threat of a pandemic is over, those infected with COVID-19 can, long-term heart, lungs, and brain carry conditions associated with the disease. These effects could increase the cost of care or make it difficult for people to afford the health care they need. On the other hand, many health care providers have been pushed to roll out telemedicine on a large scale during the pandemic. This development could lead to future cost savings in some forms of care.
The impact of these potential shifts is important as US households are already facing huge barriers to access and delivery of health care. Despite the success of the Affordable Care Act in reducing the number of uninsured in America since 2010, around 29 million people are still without insurance. Worryingly, health spending continues to rise, regardless of whether people are insured or not.
