How Much Will You Need To Pay For COVID-19 Vaccine?
With the success of five COVID-19 vaccinations in the final stage of trials, millions of Americans will be able to get a shot to treat/ prevent COVID-19.
According to the NPR reports, “Moderna, one of the companies leading the race for a safe and effective COVID-19 vaccine, has made deals with other countries to sell the vaccine for $32 to $37 per dose.”
Some companies are looking at this vaccine as a moneymaking opportunity as this medicine is an hour of need. However, some are trying to make this vaccine available at lesser prices.
Millions of Americans will get the vaccine at no additional cost
According to the pharmaceutical companies that are part of Operation Warp Speed, the Trump administration’s vaccine initiative, the price of the shot will be between $4 and $20 per dose. The vaccine will be available at no additional cost. However, many people, including the uninsured, may have to pay out of their pockets.
The COVID-19 vaccine prices are based on purchase agreements that the companies have negotiated with the federal government. The cost of a vaccine depends on how many doses would be needed. Both Pfizer and Moderna are testing a two-dose regimen.
Although pharmaceutical companies are planning to make millions of dollars with the development of vaccines, Americans with health insurance will be able to get the COVID-19 vaccine at no additional cost. It is all possible due to the bipartisan Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress in March. According to this act, your health care plan will cover the entire cost of your COVID-19 treatment. So if you’ve private health insurance in this country, you won’t have to worry about paying out-of-pocket when it comes to COVID-19 vaccines. Moreover, you don’t have to worry about unexpected copays or additional costs.
It’s a sigh of relief for Americans who’re already concerned about paying for their treatment.
According to the Commonwealth Fund, “Over two-thirds of American adults are already concerned about out-of-pocket costs for COVID-19 treatment.”
Once the vaccine is available in the market, health plans would have 15 days to start covering it as a part of their preventive services.
So let’s just keep our hopes high that the vaccine will be available soon in the market at very reasonable rates. With this, there is one more thing that you must know that vaccine isn’t free at all. Your healthcare plan will cover the cost of your vaccine and treatment as you’ve already paid your healthcare premiums. So, this vaccine would not be an additional cost to Americans with the appropriate coverage.
Want to know more about COVID-19 vaccine, stay tuned to the WiseRx Discount Card blog!