Every once in awhile there will be front page news about the
health care crisis. The escalating costs for hospital and
physician services are making it more difficult for the
insurance companies to stay competitive and at the same time
take care of the needs of their policyholders. A family health
insurance plan in today's marketplace is evolving into something
quite different from years past. The employer group health
insurance insures the majority of Americans but there is a trend
developing. There are more folks leaving their employer to start
their own business. When you add that group of people to the
folks that leave their employer because of lay-offs, illness,
and terminations then you are creating a great demand for family
health insurance.
Insurance companies are working hard to develop new solutions.
The federal government has great interest in health care
insurance. The hospitals and physicians are deeply affected by
the insurance industry. There has been a major shift in thinking
about health insurance. It has become increasingly clear that
higher deductible health insurance plans are much more cost
efficient in the long run compared to the low deductible plans
of years past. The higher deductibles reduce the cost of health
insurance dramatically. The lower deductibles are no longer in
vogue. The high premiums for the low deductible no longer
justify the premiums.
Today's Trends
1. High Deductible Major Med - The insurance professionals are
encouraging people to take the higher deductible major medical
policies. You are well protected for a major illness or injury
in exchange for self-insuring the smaller claims.
2. Health Savings Accounts - This is the federal government's
contribution to the health insurance dilemma. These savings
accounts are established by the individual for medical expenses
only. They are tax deductible similar to an IRA and are great
vehicles to use for the out of pocket expense from the higher
deductible.
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