Major health insurance losses are under way, resulting from the COVID-19 economic collapse. This report finds that, even if economic conditions remain no worse than those in May, health insurance losses will trigger enormous revenue reductions for hospitals, doctors’ offices, and other health care providers that end 1.5 million to 2.5 million jobs. If American employment falls significantly below May levels, as many as 4.7 million could lose their jobs in health care and related industries.
Reduced revenue for health care providers has already taken a terrible economic toll. It caused 29% of the second quarter’s record-setting GDP drop, significantly more than any other industry’s contribution to economic decline. More than a million health care workers lost their jobs, more than any other private industrial sector outside the restaurant business. To prevent further revenue losses that eliminate millions more jobs and obstruct economic recovery, Congress must protect and restore American health insurance as part of COVID-19 emergency legislation.
08.04.2020 / Telebriefing
08.03.2020 / AnalysesFact Sheet