It would probably be difficult to find one person who thinks health care is a bargain. Still, many are ‘hoping’ most of the cost increase does not have an immediate impact on them. After all, ‘I’m paying my monthly premiums’, right? Well, the reality is health care cost is on the rise for everyone, including you and me. Not only our monthly payments are increasing every year, but our out of pocket (deductible + copayments / coinsurance) as well. Here’s a snapshot:
- Out-of-pocket health costs for the typical insured family of four were over $3000 in 2010—almost a 50% increase over the past five years!
- Just last year, the average co-pays for physician visits grew 10%, to $22 for primary care and $31 for specialty care.
- Premiums have also grown: the average family of four with insurance through their employer paid $4,325 over the year on premiums alone, almost twice as much as their share five years ago.
We’re guessing you have not realized how drastic these changes have been for you? So what can you do about it? Start by becoming a smart consumer. Understand where you spend your money and why. Learn how to better utilize your plan and learn how you can save money. Simplee already offers the first steps with centralizing and tracking all expenses and understanding your plans & bills. Soon, Simplee will be able to help you search and compare medical services, so you can shop for cost and quality in healthcare, just as you would shop for any other product. Health can be simpler than you think!
[i] Milliman Medical Index 2010.