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2020: The Year in Review
December 12, 2020 01:00 AM

Year in Review: Insurers held their own in 2020

Paul Barr
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    Insurance

    Health insurers benefited from the COVID-19 pandemic’s dampening of healthcare utilization. As hospitals deferred elective procedures and health plan members put off routine doctor’s appointments, health insurance claims plummeted and health insurer profits spiked, particularly in the second quarter. Many insurers waived copayments for coronavirus-related treatment and other care, but those actions did not offset the benefits of billions saved from getting fewer claims.

    Insurers also continued to shift their coverage to push certain medical services out of the hospital and into to lower-cost settings. Taking cues from Anthem and UnitedHealthcare, Cigna implemented a policy in August that restricted coverage of MRIs and CT scans when performed in a hospital-based facility.

    A windfall arrived in insurers' bank accounts after the U.S. Supreme Court ruled in April that the federal government owed health insurers more than $12 billion under the now-expired Affordable Care Act risk-corridor program. The court ruled 8-1 that the ACA imposed an obligation on the government to pay, and congressional appropriations riders passed later did not repeal that obligation. “These holdings reflect a principle as old as the nation itself: The government should honor its obligations,” Justice Sonia Sotomayor wrote in the majority opinion.

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      • Digital Edition (Web Version)
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      • From the Editor
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        • Healthcare Marketing Impact Awards
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        • Top Innovators
        • Diversity in Healthcare
          • - Luminaries
          • - Top 25 Diversity Leaders
          • - Leaders to Watch
        • Women in Healthcare
          • - Luminaries
          • - Top 25 Women Leaders
          • - Women to Watch
      • Conferences
        • Digital Health Transformation Summit
        • ESG: The Implementation Imperative Summit
        • Leadership Symposium
        • Social Determinants of Health Symposium
        • Women Leaders in Healthcare Conference
      • Galas
        • Best Places to Work Awards Gala
        • Health Care Hall of Fame Gala
        • Top 25 Diversity Leaders Gala
        • Top 25 Women Leaders Gala
      • Virtual Briefings
        • - Hospital of the Future
        • - Value Based Care
        • - Hospital at Home
        • - Workplace of the Future
        • - Digital Health
        • - Future of Staffing
        • - Hospital of the Future (Fall)
      • Webinars
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      • Podcast - Beyond the Byline
      • Sponsored Podcast - Healthcare Insider
      • Video Series - The Check Up
      • Sponsored Video Series - One on One
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