I read an interesting MarketWatch article by Kosali Simon and Sharon Tennyson, regarding how COVID-19 vaccines can effect insurance premiums and thought I’d share.
It really depends on the type of insurance, etc. on whether insurers can charge people higher premiums if they are unvaccinated?
Life insurance companies have the freedom to charge different premiums based on risk factors that predict mortality. Purchasing a life insurance policy often entails a health status check or medical exam, and asking for vaccination status is not banned.1
Health insurers are a different story. A slew of state and federal regulations in the last three decades have heavily restricted their ability to use health factors in issuing or pricing polices. In 1996, the Health Insurance Portability and Accountability Act began prohibiting the use of health status in any group health insurance policy. And the Affordable Care Act, passed in 2014, prevents insurers from pricing plans according to health – with one exception: smoking status.1
Insurers and companies kind of have a way around charging more for for health insurance premiums for the unvaccinated. Since employers commonly offer discounts for things like trying to lose weight or stop smoking, they are also permitted to reduce the health insurance premiums that vaccinated employees pay.
Click web link below to read entire article.
1. Source: MarketWatch article by Kosali Simon and Sharon Tennyson
https://www.marketwatch.com/story/health-insurers-cant-charge-higher-premiums-to-those-who-dont-get-a-covid-19-vaccine-but-those-people-still-could-wind-up-paying-more-11629303208
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