Ep 76: Actuarial Viewpoint—Impact of COVID-19 on Fully and Self-Insured Plan Costs

In this episode, special guest Geoff Seibel, VP of NFP Actuarial Services, joins Chase Cannon to discuss the impact of COVID-19 on fully and self-insured plan costs. Geoff starts by addressing the cost impact for fully insured plans, including differences for small and large group markets. Chase and Geoff then discuss actual COVID-19-related costs, including the difference in costs for COVID-19 patients who are hospitalized, and those who are placed in the ICU. Geoff explains the differences in averages across the general populations versus employer groups, and the differences between explicit and implicit costs (and how both impact overall costs). Geoff and Chase close by discussing best methods for tracking changes (since models and costs change daily) and how modeling tools and other resources can help employers better understand impacts on their own populations and plans.