Employers took up much of the cost of weekly COVID testing, insurance coverage, and paid leave for ill and quarantined staff when many workers returned to their workplaces this autumn. These additional costs might result in increased insurance premiums for everyone.
However, some businesses are taking steps to mitigate COVID-related costs for employees who are still unvaccinated, putting them at a higher risk of paying additional costs. Delta Air Lines revealed in August that it was paying out an average of $50,000 per worker hospitalized with the coronavirus, the majority of whom had not been vaccinated. Delta began imposing a $200 monthly premium extra for unvaccinated personnel in November 2021, since the firm self-insures and bears the brunt of the pandemic’s financial risk. 1
Ford Motor Company is one of a growing number of big corporations that is imposing vaccination requirements on employees or forcing them to take unpaid vacation. By Dec. 8, 2021, the company’s 32,000 paid staff should be fully immunized. 2 According to the Kaiser Family Foundation, 25% of U.S. workers said their company required them to obtain the COVID-19 vaccination in October, and the number of public job posts requiring vaccinated applicants quadrupled. 3
While the dispute over mandatory immunizations against civil liberties continues, the health-care business in the United States is projected to shift as a result of the pandemic. Moving ahead, the nation’s health system must confront the issue of successfully and cheaply treating more than 330 million people without relying on incentives, mandates, or the rationing of treatment that has occurred in hospitals across the country.
In reality, plans to include vision, hearing, and dental care in the Medicare program are now being debated in Congress. This would be a huge benefit for retirees, as individuals with original Medicare coverage are responsible for paying these costs out of cash. According to a Kaufman Family Foundation poll conducted in October, 41% of older persons struggle to pay for dental treatment, and 30% may forego hearing and vision care due to cost. 4 Clearly, health care is a significant financial burden for senior households. We may be able to assist you if you’re searching for methods to augment your income to cover these costs.
The epidemic did have one silver lining: increased use of telemedicine services. Health-care providers have boosted their usage of telemedicine by 1,000 percent. Furthermore, internet medication orders increased by 45 percent. 5
In addition to microchips, the United States is reliant on other countries to build active defense systems.
APIs (active pharmaceutical ingredients) are the main components of most drugs. Around 80% of APIs are manufactured in China, India, and a few other nations. Key treatments such as antibiotics, blood pressure medicine, pain management, and even the pharmaceuticals required to put patients on ventilators were in low supply during the peak of the epidemic. In the event of future worldwide shortages, new steps are already being implemented to scale up on-demand local production capabilities to create the most regularly used and critical medications. 6
We Can Assist You
It’s easy to feel overwhelmed when you’re a parent. Unexpected costs creep up on a daily basis, on top of all you’ve already done to guarantee your retirement and your child’s education.
Are you trying to find an investment advisor? Look no further than Soutas Financial & Insurance Solutions Inc. your Fresno financial planner is committed to helping take the complexity out of retirement planning. By using a variety of insurance and investment strategies that focus on Asset Protection, Long-Term Care Strategies, Legacy Planning, Tax-Efficient Strategies IRA, 401(k) & 403(b) Rollovers, Life Insurance, Annuities, Medicare, we can help you develop an overall retirement income strategy specific to you and your family.
We have a strong team of professionals helping ensure you receive all the assistance you need not only in developing your retirement income strategy, but in maintaining it throughout your retirement. Contact us today at 559-230-1648 or visit us today at Soutas Financial to get your retirement plans on track for success!
Soutas Financial & Insurance Solutions Inc.
333 W. Shaw Avenue Suite 106
Fresno, CA 93704
We are an independent firm helping individuals create retirement strategies using a variety of insurance and investment products to custom suit their needs and objectives. Investment advisory services offered only by duly registered individuals through AE Wealth Management, LLC (AEWM). AEWM and Soutas Financial & Insurance Solutions, Inc. are not affiliated companies. California Insurance License # OK48173. This material is intended to provide general information to help you understand basic financial planning strategies and should not be construed as financial or investment advice. All investments are subject to risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
The information contained in this material is believed to be reliable, but accuracy and completeness cannot be guaranteed; it is not intended to be used as the sole basis for financial decisions. If you are unable to access any of the news articles and sources through the links provided in this text, please contact us to request a copy of the desired reference. -1272880 – 04/22
Content prepared by Kara Stefan Communications.
1 Delta. Aug. 25, 2021. “Bastian memo to employees outlines COVID vaccine updates.” https://news.delta.com/bastian-memo-employees-outlines-covid-vaccine-updates. Accessed Nov. 3, 2021.
2 Michael Wayland. CNBC. Nov. 3, 2021. “Ford to impose Covid vaccine mandate on most of its 32,000 salaried workers.” https://www.cnbc.com/2021/11/03/ford-to-impose-covid-vaccine-mandate-on-its-32000-salaried-workers.html. Accessed Nov. 3, 2021.
3 Greg Iacurci. CNBC. Nov. 3, 2021. “Vaccine mandates are surging in job listings.” https://www.cnbc.com/2021/11/03/vaccine-mandates-are-surging-in-job-listings.html. Accessed Nov. 3, 2021.
4 Ashley Kirzinger, Ashley Kirzinger, Audrey Kearney, Mellisha Stokes, Liz Hamel and Mollyann Brodie. Kaufman Family Foundation. Oct. 15, 2021. “KFF Health Tracking Poll – October 2021: Home And Community Based Services And Seniors’ Health Care Needs.” https://www.kff.org/health-costs/poll-finding/kff-health-tracking-poll-october-2021/. Accessed Nov. 3, 2021.
5 Knowledge@Wharton. Aug. 17, 2021. “Disrupting Health Care from the Inside: How Incumbents Can Lead Change.” https://knowledge.wharton.upenn.edu/article/disrupting-health-care-inside-incumbents-can-lead-change/. Accessed Nov. 3, 2021.
6 Eric Edwards. Harvard Business Review. Aug. 12, 2021. “The U.S. Needs to Reimagine Its Pharma Supply Chain.” https://hbr.org/2021/08/the-u-s-needs-to-reimagine-its-pharma-supply-chain. Accessed Nov. 3, 2021.