Legislators enforce new health insurance regulation concerning clinical trials
Legislators in Washington have been making moves to make health insurance more consumer friendly in recent months. As part of this ongoing effort, the state’s Office of the Insurance Commissioner has introduced a new insurance regulation that will have an impact on insurers and the coverage they provide those participating in clinical trials. Health insurance companies have traditionally refused to provide coverage for such trials because of their uncertain, and often risky nature. Now, however, the state is ready to force insurers to cover such treatments.
Clinical trials are a gamble for insurers
Clinical trials are abundant in the medical field. These trials are important in determining the viability and effectiveness of new medications that could treat or otherwise cure certain illnesses. Those with particular health issues, such as diabetes, are sometimes eager to participate in these trials in order to help the medical world find a cure for a particular ailment while also receiving innovative treatment themselves. There are no guarantees associated with clinical trials, making them a gamble to the eyes of an insurance company.
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Health insurance must cover clinical trials per new regulation
According to new regulations in Washington, all of the state’s health insurance companies must provide coverage for clinical trials as long as the company would have covered these costs for standard treatment. The regulation requires insurers to cover the costs associated with the medical care itself and not the medication that is being tested. These medications are typically funded by the research funding that has been allotted to them by a medical organization.
Clinical trials may lead to medical breakthroughs
The regulation was introduced to highlight the value of clinical trials in the overall health of society. Legislators argue that clinical trials can produce medications that are far more capable at treating an illness than current medications. This could be good news for the health insurance industry, but companies are not likely to see any benefits from the health impacts of clinical trials for several years, if not several decades. Clinical trials are often extensive and time consuming, with results not likely to be seen until a particular medication has been thoroughly tested in a wide range of scenarios.