COVID-19 has impacted healthcare in a way we haven’t seen before. Aside from the obvious increase in inpatient visits and emergency care, it has also shifted how we receive care, who we receive care from, and the overall cost to be treated. The pandemic is likely far from over, and we’re continuing to see industry changes resulting from the past two years. 2022 prediction reports confirm that we’re entering a new era of healthcare, and providers and patients should be prepared for an increase in cost and spending.
Wednesday, September 29th marked the first Coffee Connection event with ECBM Insurance Brokers & Consultants and the Delaware County Chamber of Commerce. Coffee Connection is meant to be a local networking opportunity for businesses to learn more about potential solutions and connect with other business leaders in the area. Be sure to stay tuned to hear about more upcoming Coffee Connections!
State governments continue to respond to the COVID-19 pandemic in a number of different ways that impact businesses and employers. Workers compensation has been a much-discussed topic within this context. In September of 2020, California enacted a new law that codified previous executive orders the created rebuttable presumptions relating to employees who test positive for COVID-19. In addition to the rebuttable presumption, the law created a number of reporting requirements for employers and their workers compensation carriers and administrators.
The insurance industry is still doing what it can to react to the COVID-19 pandemic. This means situations are changing rapidly within certain sectors of the insurance marketplace. 2020 was already projecting to be a difficult year for insurance markets prior to COVID-19, with property and auto insurance rates seeing significant increases and many carriers reducing capacity in coverage areas like directors and officers liability insurance. The pandemic has only accelerated some of these movements.