Summary of The Devastating Long-Term Financial Toll of COVID-19:
A recent study has found that COVID-19 patients, regardless of whether they were hospitalized, are more likely to experience financial difficulties such as long-standing debt and lower credit scores following their infection. The study, which used a unique method of anonymously linking individuals’ health care and financial records, shows that patients who required hospital care had the highest rates of severe financial issues after their illness. The research team is now working to get a longer-term view of the economic impacts of COVID-19. The study was published in the Journal of Hospital Medicine and was funded by the National Heart, Lung, and Blood Institute and Agency for Healthcare Research and Quality.
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The Financial Impacts of COVID-19 on Patients: A Recent Study Revealed
COVID-19, the highly contagious virus that has wreaked havoc globally, has caused significant health impacts and financial difficulties, especially for those hospitalized. According to a recent study, patients who required hospital care were at a higher risk of severe financial problems, such as overdue debts sent to collection agencies and lower credit scores.
The Study Reveals Increased Financial Difficulties for COVID-19 Patients
Led by Michigan Medicine internal medicine physician and health care researcher Nora Becker, M.D., Ph.D. and researchers from Johns Hopkins University, the study analyzed the data of over 132,000 Michiganders. They used a unique method of anonymously linking individuals’ health care and financial records. The study found that even patients hospitalized for COVID-19 infections, regardless of whether they were hospitalized, were more likely to experience severe financial difficulties after their infection compared to a comparison group. The group whose economic status was assessed before contracting COVID-19. This included a higher probability of having overdue debts sent to a collection agency and a lower credit score after a COVID-19 infection.
The patients’ financial snapshot was prepared using credit bureau data from January 2021. The research team adjusted for factors such as the economic status and vaccination rate in the areas where patients live. All the patients had commercial insurance.
Hospitalized COVID-19 Patients Suffered the Most Severe Financial Issues
After adjusting for differences among patients, the study found that 42% of the patients hospitalized for COVID-19 infection had a low credit score six months after their hospital stay. This was compared to 34% of a similar group of people who hadn’t yet required a hospital stay for COVID-19 but went on to need one later. The gap between the two groups of non-hospitalized patients was smaller but still significant.
Moreover, 27% of the patients who had been hospitalized experienced having medical debt sent to collections agencies. This was compared with 19% of the comparison group. The gap for non-hospitalized patients was small but still significant. There were also substantial increases in non-medical debt going to collections after COVID-19 hospitalization.
Researches Now Aim to Get a Longer-Term View
The study of data from more than 132,000 Michiganders offers only a snapshot of financial health six months before or after a COVID-19 illness. The University of Michigan and Johns Hopkins University research team is working to get a longer-term view.
Nora Becker, MD, Ph.D., said, “While we cannot tell from our data exactly how linked these financial outcomes are with the aftermath of an infection, we know that others have shown the impacts of COVID-19 infection on the short- and long-term ability to work. Further research in this area is crucial to determine how to design policies to protect COVID-19 survivors from financial harm.”
Conclusion
COVID-19 has had devastating impacts on the health and finances of individuals worldwide. A recent study revealed that even those hospitalized for COVID-19 infections were at a higher risk of severe financial difficulties. The research team is now working to get a longer-term view of how to design policies to protect COVID-19 survivors from financial harm.
