Babies and COVID-19

Based on an analysis of data from 27,000 households in Wuhan, China:

  1. Children in the first year of life are more likely than older children to contract COVID-19.
  2. Children are 60% more likely to share the coronavirus with other members of the family than are adults, including the very elderly.(1)

Some infants get the coronavirus from the mother, either in the womb or during delivery. Some catch it later. After all, who doesn’t like to touch or hug a baby?

There remains a lot we don’t know, and the insurance industry is finally coming around to admitting what I’ve been saying since last summer:

“While it is still too early to know how many people will file claims for death, long-term illness or disability, insurers worry that the consequences could reverberate for decades to come.

“‘We have attempted as a company to strategize about modeling this and have made some headway, but are far from the crystal ball that is able to predict this,’ Dr. Paulo Bandeira Pinho, chief medical director of Optimum Re Insurance Co., told Reuters. (2)

Bluntly, the virus can cause significant damage to your body that may not become visible to your for several years. There is no data allowing insurers to estimate what the potential future claims will be, so they have no way to fairly price insurance at this time. All they can do is raise prices as much as competition will allow, and pray that the increase will be sufficient to keep their company in business in the future.

Neither you, the insurer, or state authorities who usually wind up hold the bag with an insurer goes bankrupt, can be happy with that.

Bottom line: You need to increase the amount of money you are saving. The near term goal should be to save one entire year of income. And that may not be sufficient.

The old “rule” of having three to six months income set aside may not work any more. And do you have coverage for disability?

Sources:

  1. https://consumer.healthday.com/b-1-21-kids-60-more-likely-than-adults-to-transmit-coronavirus-to-others-study-2650027307.html
  2. https://www.insurancebusinessmag.com/us/news/breaking-news/insurers-impose-new-restrictions-to-stem-covid19-payouts-244552.aspx?utm_source=Pinpointe&utm_medium=20210126&utm_campaign=WIBA-MorningBriefing&utm_content=623F0AA8-9B78-44C9-AB70-F65B8EB6DBD3&tu=623F0AA8-9B78-44C9-AB70-F65B8EB6DBD3
  3. https://www.consumerreports.org/financial-planning/is-your-emergency-fund-big-enough-rainy-day-fund/

One comment

  1. Reblogged this on The Outraged Progressive and commented:
    “Bottom line: You need to increase the amount of money you are saving. The near term goal should be to save one entire year of income. And that may not be sufficient.”

    Save what money? Tens of millions are out of work because of COVID19, have no income or any hope of obtaining stable jobs, and what little money may be gotten through unemployment benefits is insufficient to even sustain life, let alone set money aside.

    Without single-payer health insurance through the federal government, Americans are fucked. There is no other solution to the coming healthcare collapse. It’s already happening. We are merely at the beginning.

    Liked by 1 person

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