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The coronavirus already has wreaked havoc on many U.S. businesses, but a second wave of economic devastation is about to crash down on American companies. The COVID-19 pandemic is inflicting massive health care costs that could drive up health insurance rates by 40 percent or more. Any assumption to the contrary is a dangerous miscalculation that will leave employers exposed at this year’s health insurance renewal.

Executives must understand that, despite conflicting analyses, the COVID-19 pandemic is almost certain to cause 2021 insurance rates to skyrocket. Companies must take immediate steps now to manage their health care costs and benefits plans accordingly to avoid a major financial hit amid an economic crisis.

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