The Financial Impact of COVID

Recently, someone gave me the age old argument about why they were anti-mask. If they had been in person and seen my eye roll, we probably wouldn’t be friends. And then I had another thought; people like you are why my health insurance premiums are going to be doubled or tripled next year or might have to be dropped entirely.

Here’s something to think about if you are anti-mask. Despite the high recovery rate of COVID-19; 20% of those that get it still require hospitalization. As of the 10 of July that means 20% of 3.17 million people in the US have required hospitalization for their COVID-19 infection and we also know the average price tage for that is an easy 1 million dollars.

So, 600,000 people roughly have required hospitalization to treat their COVID-19 symptoms. At a million dollars per person. I don’t know anyone that thinks health insurance companies in the US are magmanamus. We are going to pay through the teeth next year. The CEOS of private health insurance are not going to lose their yachts and mansions because of COVID-19.

And the more infections that happen between now and October 1, 2020, the higher that premium is going to get. I get insurance through a small business owner (my husband’s work). Our premiums are already high because two of us have a chronic illness. I can’t help but worry that next year, premiums will be so high, I won’t be able to carry health insurance. When the shutdowns began, people panicked over the financial impact of cities being closed down.

Now, we need to start discussing the other long term financial impacts of coronavirus. Because this is going to hit all of us hard. And now, evidence out of Italy is that a portion of that 20% are going to end up permanently disabled. If that portion is large enough, we’ll see an increase in how much we are paying out of our checks to the government to cover SSI. Also, we need to start thinking about the strain on the system as people apply for SSI along with how many people we can handle to lose from the workforce?

Realistically, let’s say 20% of that 20% end up permanently disabled because of their CVOID-19 infection? That’s not an unrealistic number, an estimated 50% of people that survived Spanish Flu suffered something called Spanish Flu encephalitis lethargy. That means as of now, 600,000 have been hospitalized. And 20% of that 600,000 will end up permanently disabled and that’s only 120,000 right now. However, in the 3 days since I started this post the US has added another 1800,000 cases…

So, those numbers are interesting, but not shocking until you really think about it. We are adding about a hundred thousand cases a day. That means, 12,000 new people a day are being ravaged by a virus that will leave them permanently disabled. There are 171 days left in 2020. That means between now and January 1, 2021 we could have another 2, 100,000 people ravaged by infection that will need disability and that’s just 2020.

2.1 million people added to SSI disability, coupled with the loss of 2.1 million working aged Americans from the workforce. That will be an even bigger blow to the economy than the shutdowns were. And that relies on the idea that we don’t go from 60,000 COVID-19 cases end up hitting the predicted 100,000 cases a day, we’re looking at 20,000 new people becoming disabled in the near future a day.

Heart, brain, and lung damage are what’s being reported in COVID-19 patients that have recovered. Not to mention, it can in fact take weeks or months to recover from the illness. As an aside, one of my readers contacted me they caught COVID in mid-April. She’s a 34 year old mother of two who used to run every day and now needs a lung transplant.

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