CVS Well being invested greater than $114 million in reasonably priced housing final yr to deal with social determinants of well being as insurers intensify methods to scale back prices and enhance outcomes past overlaying conventional medical therapies.
In an announcement Tuesday, CVS mentioned the corporate’s investments over the previous yr “will result in the development and rehabilitation of greater than 2,800 reasonably priced housing models in 30 cities, throughout 12 states.”
The housing initiative, which dates previous to CVS’ buy of the Aetna well being plan unit, comes as rival well being insurers that embody Anthem, Centene, Cigna, Humana and UnitedHealth Group are more and more investing in an array of providers and capital tasks to deal with social determinants from meals insecurity and loneliness to homelessness.
Many of those well being plans are additionally paying for an array of providers from meals and diet to housing to ensure sufferers are getting the correct care in the correct place and on the proper time. And by paying for these new advantages, insurers see price financial savings if dearer hospital care or different antagonistic well being outcomes are prevented down the street.
“We acknowledge that equitable entry to steady and supportive housing serves as one of many biggest limitations to raised well being for many individuals,” CVS president and chief government Karen Lynch mentioned. “By way of our investments and collaboration with native companions, we’ve been in a position to present underserved communities throughout the nation with high quality housing, financial assist, and academic coaching alternatives primarily based on the distinctive wants of the inhabitants.”
CVS, which purchased Aetna in 2018, final yr mentioned the 2 firms have invested greater than $1 billion in reasonably priced housing and associated investments since 1997 which have resulted in “the constructing and renovation of over 93,000 reasonably priced rental models.”