Why Does My Health Insurance Cost So Much?
Topics: why, is, health, insurance, so, expensive
Health insurance costs have nearly doubled in the last decade. In some cases, employer health insurance costs have more than doubled. The increase in health care cost has caused a “trickle-down” economic policy for consumer’s share of the health care burden.
As costs have risen for employers, employers can handle price increases in three ways:
-absorb the price increase
-make benefit changes to offset the price increase
-pass along cost increases to employees
As the last decade has progressed, many employers have faced double digit increases each year. In the late 1990’s, after a period of relative calm in the health insurance market, prices began to rise dramatically and employers were faced with the aforementioned choices to handle ongoing pricing pressure.
So what does this all mean for consumers? Well consumers have been asked to pay more for the price of the health insurance in the form of more money being taken out of their paycheck. Compounding more contribution towards the cost, employers have introduced high deductible health plans that have shifted more of the insurance liability to the consumer. We call this a double whammy. Consumers pay more for insurance while paying more towards their deductible and out of pocket liability.
Consumers are facing increased pressure to pay for more medical procedures straight out their pocket instead of the health insurer paying for some or all of the cost of many procedures. As consumers of one of the best health care systems in the world, the cost of health care does not come without consequences.
These consequences equate to more cost to consumers and employers. We have access to new medical procedures, new and improved technology for treatment of diseases, a wide array of pharmaceutical products, the building of new hospitals and free-standing surgery centers, lawsuits without boundaries, legislative mandates on what insurers must cover, uninsured patients and the list could continue on.
When a health insurer packages all the great options together, the costs are bound to rise dramatically over time. So next time you look at your paycheck and wonder why the part you pay is so much, think about the components of health insurance detailed above. You can still scream if you want, but remember you have access to one of the best medical care markets in the world.
Health insurance is still not something that the government pays for outside of Tricare, Medicare, Medicaid and the children’s plans that exist today and are available to those in these categories. The cost for these services is on the rise also. There is no free lunch. Taxes are largely resonsible for the funding of these government programs and any future mandates on employer health insurance will most certainly equate to either higher taxes for consumers and employers.
Scott is a partner in American Health Advocate(www.americanhealthadvocate.com) based in Westerville, Ohio. Scott has an MBA from Franklin University with a health care emphasis. Scott has worked with over 6,000 employers in helping them with their health insurance options.
Previous Articles Highlighter:
International Travel Medical Insurance Tips To Help You Find The Cheapest Now (1)
Medical costs all around the world are skyrocketing right now, due mostly to the advances in specialized equipment and the cost of advanced medicines and training specialists in a many different fields.
Expectations Versus Reality In Retirement (2)
One thing you can do right now is to get educated and speak with a professional advisor, preferably one who carries the CERTIFIED FINANCIAL PLANNER designation. The sooner you take action the greater your success will be.
Are You Cut Out To Be A Forex Trader? (3)
The lack of social interaction during the day is really noticeable, particularly if you are a naturally sociable person, and I would suggest that this aspect alone means that forex trading is not for everyone.
Short Sale Real Investing (4)
Topics: Short Sale Real Investing, short sale, real estate, short sale process, real estate investment If you want to be a competitive vendor in the market of real estate, you must know the technique of short sales.
Option Trading - With Maximum Profit! (5)
Abhishek has an uncanny insight into Trading! Visit his website www.Trading-Masters.com and download his FREE Trading Report and learn some amazing Trading tips for FREE. His tips would save you thousands and make you better at trading!
Practical Self Employed Tax Tips To Save You Money (6)
Claim vehicle costs or mileage allowances. Vehicle running costs and expenses such as fuel, excise duty, insurance, repairs and breakdown membership may be claimed as business expenses if the vehicle is used solely for business purposes.
Scope Of Investing In Real Estate And Land (7)
Then he should have the appropriate skills to raise adequate financial resources for the purchases. Once this is done the person should have the insight as to when the sale or the lease has to be made.
The Best Credit Cards Are Not Always Judged By Interest Rates (8)
It's human nature to always shop for the best possible deals. And is no different shopping for a credit card. Whether you're starting out in the credit market or trying to re-establish your credit, it's always a good idea to shop around for the best credit cards.
Top 7 New Home Buying Mistakes (9)
Choosing upgrades with the lowest ROI or too many upgrades, period. - This is truly the most common mistake made by new home buyers who don't consider the resale value of their home in the future.
What Is A Direct Deposit? (10)
If you wish to set up a direct deposit with a government agency the best advice is to call the agency and get their requirements straight from them. In most cases, you will see that this is easy to do, and most of this can be handled over the phone.
Color Is An Easy And Inexpensive Renovation (11)
But with the multiple names, brands, types and variety of color palettes out there, your renovation can become a bit frustrating. Thus, experts recommend you should begin from the rooms you know which colors you wish to paint their walls and move gradually to the next up until you project is complete.
Foreclosure - How To Make Money In Real Estate Through Foreclosure (12)
Loan Modification: A loan modification is similar to a refinance: The lender agrees to alter the loan, but with few or no fees. The lender might reduce the interest rate, change the loan from an ARM to a fixed-rate mortgage, or raise the monthly payment by a few dollars so your client can pay off the entire loan, including the past-due amount, by the loan's original end date.
A UK Employee Can Claim Tax Relief Using Their Vehicle For Work (13)
Visiting suppliers, clients, delivering goods and attending meetings outside the normal workplace would all be considered work journeys. A journey to a normal place of business would not be considered a work journey and that rule also excludes detours during the journey for example to visit a client or drop off goods.
Drop Noted In Consumers' Financial Confidence (14)
And in spite of the latest decrease, the financial services firm reported that consumers have so far been "largely untouched" by recent economic events, such as the Northern Rock crisis and the credit crunch, which has seen a number of lenders increase the rate of interest attached to their loan products.
The Atlanta Population Continues To Grow (15)
Lake Arrowhead is an exceptional residential lake and golf community so close to the conveniences and attractions of the south's largest urban center, yet so very far away from the hustle and bustle of the big city.
Apartment Living 101: Subleasing (16)
If the subtenant fails to pay the rent to you, you are still responsible for making the payment. Eric Bramlett is the broker & co-owner of One Source Realty, an Austin real estate company.
Top Secrets On Successful Forex Traiding (17)
Online forex trading is risky. You should not invest any more money than you are willing to lose. Remember, it takes education, patience and practice to become good at forex trading.
New Home Builders In Atlanta Are Ready To Build Your New Custom Home (18)
Atlanta is rapidly growing due to the businesses and careers that are in the city. This is bringing people here who are also looking for new home builders - many instead of homes that are already built.
Things To Consider When Buying Your First House (19)
Read the updates, get your local property magazine or use the online directory service in your area. You will get lots of questions about your mortgage selection: fixed rate, a tracker or a standard variable rate?
Rise In Inflation Pressures For All Brits (20)
Food price inflation has been a concern in recent months and we suspect that there could be more to come. This is likely to have the biggest impact on the inflation rate facing the over-75s since this age group spends a much higher proportion of their household budgets on basic items such as food." She added that throughout the course of Alliance Trust's research older people "have consistently suffered the highest levels of inflation".
Newer Articles Highlighter:
Can Bankruptcy Clean Out Personal Accounts (1)
When you file for bankruptcy, the credit card companies that you may owe money to will have long since denied you access to your credit account, therefore giving you no ability to buy on credit.
What Does 2008 Hold For The Automotive Industry? (2)
2008 promises to be an exciting time for all involved in the automotive industry so put your seat belts on, buckle up and enjoy the ride. Northern Counties Insurance Brokers are Leading Motor Trade Insurance Brokers and details of their Motor Trade Insurance facilities can be found at www.northerncounties.com
Flipping Houses: Can A Real Estate Investor To Make Money? (3)
The good news is, when done right, you can still make money doing it. Omar Johnson is a real estate investor and author of the home study course "The Real Estate Investors Guide To Finding Motivated Sellers" For more info visit www.findingthemotivatedsellers.com
The Tax Problem No One Is Telling You About (4)
Do you realize that if you live a normal retirement (from 65 to 85) and tax rates just stayed the same, you will pay 10% more in taxes on the money coming out of these plans as you saved by putting it in those plans?
Preforeclosure Properties: A Real Estate Investor's Goldmine (5)
As always, investors should pursue highly motivated individuals who want to sell their property. A homeowner in preforeclosure with the bank hounding them constantly is undoubtedly a highly motivated seller.
Highly Profitable & Risk-Free Alternative To Stock Trading (6)
Topics: make money, financial freedom, live your dreams, forex market, home business, make money online The forex market is all about trading between countries, the currencies of those countries and the timing of investing in certain currencies.
Real Estate 101: Choosing The Right Agent To Meet Your Needs (7)
Therefore, it is always a good idea to listen to referrals from other people. If someone you know had a good experience with a particular real estate agent, the chances are pretty good that you will have a good experience with that agent as well.
What Is Affected When Transferring Your Credit Card Balance? (8)
Topics: student loans, college student loans, federal student loans Maybe transferring your balance from one credit card to another so that you can get a better interest rate is a dream come true.
Buying Term Life Insurance (9)
Twenty-years of term life may cover raising your children, while individuals with whole life may have it for more than 60 years. It is less expensive to purchase insurance for twenty years than it is for 60, thus many opt for term insurance in order to save money.
Mortgage Holders 'Face Rise In Financial Pressures' (10)
In turn this caused the CML to assert that the affordability of property has "worsened" for both first-time buyers and those already on the housing ladder, which in turn could impact upon their capacity in making repayments on secured loans and utility bills.
Real Estate Investment 101: Becoming A Landlord (11)
In addition, taking this property and turning it into an apartment or other form of rental property can provide for a steady flow of income. Nonetheless, there are several things you should know before you buy that first piece of real estate and enter into the world of renting.
Student Loans - Great Rates After Leaving College (12)
You should not allow these loans to eat up into your personal income, with those higher rates, because money is money and you have to value it properly. You have made your way through school and you are now earning decent money.
Debt Consolidation Quote Tips And Considerations (13)
Another option is using a legal firm that does this kind of work. Enter information and get the debt consolidation quote and then compare this to several other companies to see of the results are comparable and realistic.
The Online Banking System (14)
This has allowed several benefits to arise that can serve everyday living for people of every social and cultural strata. One of the main advantages is monetary exchange, which the primary action of any and every business in existence and those consumers who utilize them.
Successfully Investing In Real Estate/Land (15)
The best way to get an appropriate rate is to consult a financial planner of real-estate. An agent will also be able to give an approximate rate of increase in future.
Pros And Cons Of Investing In Penny Stocks (16)
Not every company that trades for "pennies" should be considered fraudulent. Some are simply small companies trying to grow their business and are working very hard to end up on the larger market exchanges.
Understanding Equity Investing And Dividends (17)
A common way for investors to deal with cash dividends is to enroll in a dividend reinvestment plan. This allows the holder to continuously buy small amounts of stock without a commission.
Day Trading The Extreme Sport Of Investing (18)
An experienced day trader knows that sometimes they can't afford to wait for the stock to rise again, if the market fails to meet the expectations, quick thinking is needed in order to avoid higher losses.
Keeping DayCare And Nursery Costs Under Control (19)
This means that nurseries, day care, pre schools, kindergartens and out of school clubs can pick and choose exactly what cover they want (rather than having cover they dont really need).
Why Combined Risks Are The Very Best Type (20)
Time Savings. Gone are the days of many different types of cover with different renewal dates and provided by different companies. Just your Combined Insurance policy with a single renewal date.