Reports of sky-high costs for coronavirus testing may be the exception, with the majority of testing being “relatively tame” in cost, according to an analysis by Axios.
According to data given to Axios, in-network lab tests, which cover 89% of coronavirus tests, cost $163.91 per test, on average. Insurers with negotiated rates with labs end up paying $51.31, the same price Medicare pays for these tests.
Out-of-network labs charged $124.96, on average. These tests made up 9% of the 63,378 claims measured. Insurers also attempted to negotiate the price with out-of-network labs.
However, some out-of-network labs across the country who didn’t post their cash prices ended up charging anywhere from about $150 per test to more than $740.
These higher costs could reflect in higher health insurance premiums, Axios reported.
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Amy joined TriMed Media as a Senior Writer for HealthExec after covering home care for three years. When not writing about all things healthcare, she fulfills her lifelong dream of becoming a pirate by sailing in regattas and enjoying rum. Fun fact: she sailed 333 miles across Lake Michigan in the Chicago Yacht Club "Race to Mackinac."