The Biden Administration announced that all FDA-approved over the counter COVID-19 tests will be available for free starting this weekend.
The new mandate requires insurers to pay for eight tests per month per individual. You can either get the tests for free at pharmacies where your insurer has a specific agreement, or you can submit your receipt to your insurer for reimbursement.
Of course, everyone who needs a COVID-19 test should be able to get one.
And removing financial barriers to testing should be commended.
It’s the false advertising that is problematic.
These over the counter COVID-19 tests are NOT free.
Will you pay for them today? Maybe not.
But rest assured, you will pay for them.
Health insurers use your monthly premiums to pay for medical expenses such as hospital stays, prescription drugs, and, yes, COVID tests.
Under the Biden Administration’s new policy, your insurer will still have to reimburse the manufacturer of the test and they will have to pay a fee to the pharmacy for dispensing the test.
Where will that money come from?
Premiums.
And if your premiums aren’t enough to cover these new, mandated costs?
Then your monthly bill will go up.
Again, everyone who needs a COVID-19 test should be able to get one, regardless of their ability to pay.
But don’t fall for the political marketing coming out of DC.
As with most things in healthcare, ‘free’ isn’t really free.
You’ll pay for it in the end.
