Time goes by, advancements are made, prices go up — it’s hard to pin down exactly what contributes to increasing costs for group insurance plans, but rising prices are often testament to strategies that aim to make being a patient a little easier.
Multiple factors aggregate towards the increasing cost of health insurance: plans shift, procedures evolve, or new technologies like open MRI’s, Imaging Improvements, and robotic procedures come along. But these increases also represent a cultural shift in the field. A decade ago, prescription costs accounted for up to 15% of overall premiums. Today, that percentage has doubled.
How to Combat Skyrocketing Group Plan Pricing
There is a plethora of insurance carriers and plans that grant users multiple options for copays, which helps bring down coverage costs.
Some plans allow you to remove prescriptions from them, if that is not a benefit the user and his/her dependents need.
Using Insurance Brokers
Brokers can be instrumental in helping families and businesses find the plan that is economically feasible and tailored to their needs. For example, brokers can use a healthcare software that lets individuals find generic substitutes that they can discuss as options with their physicians; the cost for these generics is typically lower than copays.
Some Government Protections Help with Keeping Costs Down
Additionally, to protect users, several factors are in place to not offset or increase healthcare costs — these include the overall medical claims history of the group, the health status of enrollees, and the industry/business type of the group, which is all stipulated by the Affordable Care Act. (What can affect premium costs, however, are age of employees and location of business.)
The ever-shifting terrain of insurance and its myriad policies can be tricky to decipher. Consider switching to or initiating a group plan with Dawson Benefits for clarity and efficiency — call today for a free consultation!