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Climate change will cost your healthcare plan. Analysts want to know how much.
- Analysts estimate that the global cost of climate change between 2010 and 2019 was $143 billion per year, with projections indicating a potential annual cost of $3.1 trillion by 2050.
- A lack of precise data on how climate change impacts employer-sponsored health plans led to the development of the Climate Health Cost Forecaster, which projects long-term health costs related to climate-related perils for employers.
- Climate Health Cost Forecaster focuses on key perils like extreme heat, poor air quality, flooding, and hurricanes, correlating them with various health conditions such as dehydration, heat stroke, and respiratory illnesses.
- Climate change not only affects physical health but also exacerbates existing health issues, especially for at-risk populations, leading to greater psychological trauma and stress.
- Workers in industries like construction, agriculture, and hospitality are often subject to extreme conditions, with disparities in access to healthcare and preventive care.
- Employers may overlook the impact of climate change on healthcare costs and worker health, despite the potential financial implications and safety risks associated with extreme weather events.
- Cost estimates from Mercer's forecaster vary based on employer characteristics, revealing surprising vulnerabilities in U.S. cities and industries like agriculture and construction.
- Health insurance plans may not be equipped to handle climate-related risks, as health providers may not recognize the impact of factors like heat on employee health, leading to underreporting and untreated conditions.
- Employers are advised to proactively address climate risks by implementing safety standards, improving care access, and focusing on workers' well-being rather than solely financial considerations.
- Workers bear the brunt of climate-related health impacts, paying out of pocket for care, facing job insecurity, and suffering when symptoms are dismissed or misdiagnosed.
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