Health Insurance costs continue to rise. The recent national debate on health insurance was ostensibly to lower costs. Many in the industry spoke loud that the proposals being put forward would raise premiums faster than ever before.
Even though the full impact of this is not yet felt, underlying pressure on costs has begun in earnest. One major insurer is sending out notices that include information like this:
Despite our efforts, the cost of care continues to increase dramatically. Factors fueling costs include:
1. Increased use of new medical technologies.
2. Higher prescription drug costs.
3. Pressure on health insurance plans and the private sector to absorb higher costs as funding for public programs like Medicare and Medicaid decreases.
The average increase is a whopping 17.6 percent for PPO insurance plans! The increase applies to both open and closed insurance plans. Insureds of all ages and across all regions and tiers will see an increase unless they are currently in a rate guarantee period.
What can you do about this? Well, neither you or I can change the decisions being made as individuals. However, as individuals – we can change what we pay for.
I have for a long time advocated Health Insurance Savings qualified health plans. I feel stronger than ever that this is a good choice for the majority of persons. I believe that putting a plan like this in place is the best way to cushion future rate increases. I can help you do this.
Recently I have found another good idea. This one works whether you are self-employed or an employee. It works wherever there is a high deductible medical plan. You can protect yourself, and your whole family against many risks by getting your own accident and/or critical (cancer, heart, etc) illness plan. These plans pay with either no deductible or a very small deductible. Either way they will help cushion you against health insurance plans with increasingly high deductibles.
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