Ever wonder why health insurance premiums are quite expensive? In these times, finding affordable insurance rates can be hard. Many people are appalled for the fact that healthcare is costly not only in the US.
This scenario makes people reconsider whether to get insurance or not. Due also to the recession that rocked US in 2007, the number of uninsured person increased. In a recent statistics, the number of uninsured reached 46.3 million in 2008 according the annual US Census Bureau. The study also showed that there is a significant increase of the number of uninsured among part time workers and the people approaching middle age (35-44 years old).
What are the reasons behind the expensive healthcare cost? There are both institutional and economic reasons that accounts for this. People tend to opt for the best medical treatment or facility even for common problems.
Pharmaceutical companies charge high for new and effective breakthrough drugs.
Opulent societies have higher expectations, thus expensive treatments are available.
Many people sport unhealthy lifestyles; Americans get sick more often compared to other wealthy nations which require higher payments for thorough treatments.
The idea that doctors can be sued for malpractice results to over treatment. Because of this, doctors will subject patients to expensive treatments and procedures which are not necessarily needed. This is called defensive treatment.
Health insurance companies have inefficient administrative system causing nearly a third of healthcare spending.
People lack information or sometimes misinformed about their medical conditions that is why they push for more expensive treatments or choose expensive medication.
The healthcare system is plagued with inefficiencies.
US have an aging population. This population group has more healthcare needs.
Rising healthcare cost means insurance providers need to charge higher for premiums because insurance policies cover medical expenses of the insured person. But there are ways on how to get affordable insurance. Review available choices by comparing policy rates of different companies through the internet.
For working people it is best to purchase a group insurance plan where you are working. Try to weigh the pros and cons of getting a group insurance for family and employees. This is perfect for people who want to pay lower premiums or deductibles. Employees can also include family members to benefit from the insurance.
Employees on the other hand can benefit from this because their employer will pay a certain amount of the premium and benefits are tax free. Employers who want a lower tax offer this because a group insurance has tax deductions as an incentive. The coverage may be limited but is better to have insurance than nothing.
Author Resource:
Insurancecaredirect is the website that is designed to answer all your questions relating to individual insurance . You will also be able to get good health insurance quotes from which you can choose.
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