"If you don't know where you are going, you might wind up someplace else!" ...Yogi Berra
Just like Yogi, we all hope we know where we’re headed.
While no one has a crystal ball that assures successful underwriting results, HOWEVER -
there are ways to improve your odds with BeneWize.
Did your 2021 renewals factor in 27% more surgeries in 2021, or
Did you price using the Covid suppressed claims experience?
Into THE CRATER!
28 surgeries a month, per 1000 members (normal)
March 2020 (Covid-19 Lockdown)
8 surgeries a month, per 1000 members = 75% drop
In mid-March thru July 2020, non-emergent surgeries were all but eliminated, which included nearly a half-million knee and hip replacement procedures.
Yes, thanks to media reporting, many surgery patients were more fearful of Covid-19 than cancer.
November 2020 - Almost Recovered
25 surgeries a month, per 1000 members
12 surgeries a month, per 1000 members = 57% drop
Projections based on 10 million member lives
August 2021 –
Covid Recovery Surgeries will exceed "No Covid" Expected Claims for 16 Months
January 2022 –
Covid Recovery Surgeries will:
1. Peak at almost 40 surgeries per month for 1000 members
2. Will stay elevated until January 2023
January 2023 –
Claims Return to Expected Pre-Covid Levels
In light of these expectations, please consider this question –