Health insurance companies will have to cover the cost of over-the-counter Covid-19 tests starting Saturday, January 15, under a Biden administration plan that strives to make it more affordable for people to screen for infections and limit the spread of the Omicron variant.
The administration outlined Monday means people with private health insurance can expect insurers to reimburse them for up to eight tests a month per covered individual. Consumers will be able to obtain the tests without any cost-sharing such as deductibles, coinsurance, or copayments. A family of four, all on the same health plan, would be able to be reimbursed by their insurance for 32 tests a month, for example.
If you purchase an over-the-counter COVID-19 test from a pharmacy, store, or online retailer and are charged for your test after January 15, keep your receipt and submit a claim to your insurance company for reimbursement. If your plan has not set up a network of preferred stores, pharmacies, and online retailers at which you can obtain a test with no out-of-pocket expense, you will be reimbursed the amount of the cost of the test. For example, if you buy a two-pack of tests for $34, the plan or insurer would reimburse $34.
Health plans are encouraged to provide prompt reimbursement for claims for at-home tests, and consumers can find out directly from their plan how their claims process works and ask questions about reimbursement timing.
Cosmo Insurance Agency is a full-service independent insurance agency based in Hackensack (Bergen County) and Lakewood (Ocean County), New Jersey that offers an all-encompassing range of insurance options for both individuals and businesses. Cosmo keeps its promise to assure an efficient and creative approach to the services we offer. Each of our clients experience a personalized and long-term relationship with us. Our New Jersey based team of health brokers guides our clients in helping them choose the most cost-effective options. By incorporating our knowledge of the insurance guidelines for healthcare, employee benefits, life insurance, self-insurance, dental, disability, and long term care insurance, we keep our clients up-to-date with affordable plans that cover all their specific insurance needs.