As India battles the deadly second wave of the
coronavirus pandemic with cases surging every day, it
becomes all the more imperative for us to act more
responsibly in observing precautionary measures. Write a letter to the Editor urging the masses to stand united in this
fight and suggest practical suggestions for a productive
utilization of time at home. (100-120 words)
Answers
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Early in the COVID-19 pandemic, it was not clear how healthcare utilization and spending would change. Although one might expect health costs to increase during a pandemic, there were other factors driving spending and utilization down.
In spring of 2020, healthcare use and spending dropped precipitously due to cancellations of elective care to increase hospital capacity and social distancing measures to mitigate community spread of the coronavirus. Although telemedicine use increased sharply, it was not enough to compensate for the drop in in-person care. As the year progressed, healthcare use and spending began to rebound as in-person care resumed for hospital and lab services and COVID-19 testing became more widely available. However, overall health spending appears to have dropped slightly in 2020, the first time in recorded history.
As of December 2020, health services spending was down about 2.7% (seasonally adjusted annual rates) and it remained suppressed in January 2021. When adding in spending on prescription drugs, total health spending was down by just about 1.5% as of December 2020 compared to the same time in 2019. The U.S. GDP fell by 3.5% by the end of 2020, meaning that, although health spending dropped, it likely represented a larger share of the economy than in past years.
The drop in health spending in 2020 reflects a decrease in utilization for non-COVID medical care. Particularly early in the pandemic, it appears many people delayed or went without medical care they otherwise would have received. Although healthcare use picked up toward the end of the year, it was not enough to compensate for the missed care earlier in the year. Additionally, the cost of COVID-19 vaccine administration will likely have an upward effect on claims costs in 2021, as several insurers noted in their rate filings to state regulators.