As Coronavirus continues to sweep across the nation, many employers are uncertain about how it will affect their business and operations. Another key unknown is the extent to which the virus will affect their employees’ health (and how COVID-19 tests and treatment will impact healthcare spend).
To clear up some of the uncertainty, Wincline has dedicated a continually-evolving resource rub to inform employers of the developments in COVID-19 legislation. Informative legislative bulletins, up-to-date news articles, and our insight into the Coronavirus outbreak will appear below.
The President signed two pieces of legislation into law as part of the Families First Coronavirus Response Act, which are each set to take effect as of April 2, 2020. Both components seek to afford American workers protection against the chilling economic effects of the Coronavirus pandemic:
It is essential to note that these two laws only apply to employers with fewer than 500 employees. There are not currently any legislative mandates for employers with 500 or more employees.
Qualifications and requirements for these two new laws are detailed in our briefing, which is available here. As always, if you need clarification on any of the points in this briefing, you can contact Wincline.
It is still early days for determining specific dollar amounts for COVID-19 tests and treatment, partly because the costs naturally vary among provider and location. Here’s what we do know:
This is a list of resources that we think you should be aware of as you consider the future of your business during the COVID-19 outbreak.
Wincline has developed a generalized forecasting model for estimating the costs of tests and treatment for self-funded employers. You access the model freely, and fill in your health plan’s demographic information broken down by age group.
The model projects a best-case, worst-case, and middle-of-the-road scenario based on the best information we have available as of March 31, 2020. If you want to further refine the analysis, we encourage you to conduct sensitivity analysis (e.g., Monte Carlo simulations) to forecast the range and distribution of possible outcomes.
*None of the information in this resource hub is intended to be exhaustive nor should any discussion or opinions be construed as legal advice. Readers should contact legal counsel for legal advice.