How to Prepare for the Rising Cost of Health InsuranceNovember 18, 2016
As you may have heard in the news recently, the cost of health insurance is going to be on the rise in 2017. This is, in part, due to more prescriptions being written for expensive new anti-inflammatory medications. The cost of these new drug treatments reached $2.2 billion in 2015, and as this number increases, the price of your employee or personal health insurance plan will as well.
While a cost increase is never the news anybody wants to hear, it’s important to look at these upcoming changes as an opportunity to invest in a health insurance plan that you can tailor to your needs. With a Blue Cross Health Insurance Plan, you can ensure you’re getting the coverage you need, while offsetting some of these additional costs in the process.
Medication Cost is Only Part of the Reason for Your Health Insurance Price Increase
The cost of new medications can be expensive, but their price is not solely to blame for increased premiums. As these new drugs are prescribed more and more, they are subject to prescription-related fees. These fees can include:
- Pharmacy dispensing fees
- Pharmacy markup fees
- Claim processing fees
Additionally, doctors do not always consider the cost of a drug when prescribing it. While there are some situations where no alternative will do, recent reviews have unearthed instances of $220,000 billings for treatments that typically cost $60,000 to $70,000.
The reason for this? The doctor prescribing treatment chose a combination of medication that was not necessarily more effective, but more expensive.
So, by combining doctors occasionally not considering the cost of medication with new, expensive drugs being prescribed with increased frequency, you can start to see why premiums will jump in 2017.
A Blue Cross Health Insurance Plan Provides the Flexibility You Need
With the cost of health insurance going up, now is the best time to review the options that are available to you. Typically, employer provided health insurance plans are fairly rigid—offering a one size fits all approach to all employees. Unfortunately, not everyone has the same needs, and you could be stuck paying more for an employer plan that doesn’t address your specific health requirements.
A personal health insurance plan from Blue Cross offers the flexibility to ensure you’ll always have the level of coverage that works for you and your family. Blue Cross health insurance plans are comprehensive, and feature generous coverage amounts that can be custom-built to suit your needs. Even better, with Blue Cross health insurance, you can adjust your plan in case of a life changing event. This means if you choose to get married, you can adjust your plan accordingly to meet the needs of your spouse, and if you have a child, you can change it again. A Blue Cross health insurance plan grows with you, keeping your family safe and secure every step of the way.
Now is the Time to Make Your Health Insurance Work for You
While there’s nothing we can do about upcoming cost increases for health insurance, now is the best time to reassess your plan to make sure it provides exactly what you need. Don’t spend extra money on coverage that doesn’t work for you. Instead, build a tailored plan from the ground up that takes into account the coverage you and your family members require.
To learn more about upcoming changes to health insurance, or about the wealth of options available to you through Blue Cross, contact me today. I’m always available to answer any questions you may have.