This year, the cost of health insurance increased by 7.7%, which is double the rate of inflation. When you compare the 78 percent increased in premiums since 2000 to the 20 percent pay increase, the actual picture begins to matter.
Details About Health Insurance Increased Cost
American families are already spending about $11,500 this year, with individuals paying an average of just over $4000 in premiums annually. Currently, 61 percent of businesses offer increased health benefits, down from 69 percent in 2000. Over 155 million Americans are expected to receive health insurance benefits from their jobs. Many businesses now provide benefit packages with larger deductibles in an effort to reduce the overall cost of insurance policies.
It should be noted that this data was released following a recent Census that revealed 1.3 million Americans joined the ranks of those without health insurance in 2005. Here, the long-term trend of a reduction in the protection offered by small enterprises from their employees is made obvious. For more research click here.
Dr. Drew Altman, president and CEO of the Kaiser Foundation, stated that “to working people and company owners, a reduction in an already very high rate of growth basically means you’re still paying more.”
Recently, insurance providers have come under fire for dumping families with high medical expenses. In a current investigation, the state of California is looking into an allegation made by Blue Cross, which terminated coverage for a family when the family’s medical expenses reached $20,000. The family still owes more than $60,000 in unpaid medical costs. The family is accused by the insurance provider of omitting to reveal a lump on one of the children’s chins in their application for coverage. For more tips visit our site ArticlesHubs.
These kinds of coverage cancellations have now led to a significant backlash against insurance companies and a number of ongoing litigation. The policyholders claim that the improper termination of their policies caused them to experience severe financial hardship. State regulators have stated they are now conducting an investigation and are getting ready to take action against Blue Cross.
To safeguard the general people against these (insurance) firms, something must be done. It is nothing short of criminal how difficult it is for a family to pay these medical fees when they are most in need of assistance. They shouldn’t be able to discontinue our coverage after taking our money every month for so many years. May you can see about Ideas For Health Insurance .