Another Increase in Health Premiums
Below is a MRR and PLR article in category Health Fitness -> subcategory Other.
Rising Health Premiums: A Closer Look
The main lobbying group for the health industry, America’s Health Insurance Plans, has revealed an 8.8% increase in medical premiums between 2004 and 2005. The Kaiser Family Foundation noted that, in 2005, the average health care plan through an employer neared $11,000, with workers personally spending about $3,500, not including deductibles and co-pays.
This rate of increase, while significant, shows a slowdown from a more than 13% rise in 2002. The rise in premiums is largely attributed to the increased utilization of doctor visits and hospital services. PriceWaterhouseCoopers identified that only 14% of the increase was related to administrative, marketing costs, or higher insurance profits.
Employers are increasingly passing more health care costs onto employees. Research indicates that while employers have cut their health care spending by 1.3%, employees have experienced a 5.5% hike. "Health care costs," according to Judy Feder, PhD, dean of the Public Policy Institute at Georgetown University, “even with slowed growth, still outpace income and the ability to pay.”
The trend of rising health care costs shows no signs of slowing. With baby boomers entering their sixties, costs are expected to surge further, significantly impacting budgets.
Prescription drug price increases are nearly double that of medical premiums. Controlling these drug costs is crucial for reducing overall health care expenses. Opting for generic brands, choosing affordable over-the-counter medications, and comparison shopping can lead to substantial savings over time.
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