5 Trends Shaping the Health Insurance Market in 2018
It is no secret that healthcare coverage and its costs are of major concern to Americans. The rising costs of private insurance and the impact it has on middle-income American families is staggering.
The new presidential administration is promising 2018 will be the year for change. However, many experts expect it to get worse before it gets better. Everyone agrees that healthcare should be affordable for every American. Sadly, the current policies have created many financial problems for middle-America.
Below we will look at some healthcare trends that shaping the health insurance market. Companies, citizens, and medical professionals are in a holding pattern until we see where the coming changes will affect us.
Stunted Company Growth
If a company has less than 50 employees they usually opt for insurance policies with high deductibles. But, by law, they do not have to offer health coverage. Companies with more than 50 employees must offer “acceptable” insurance and they are expected to pay at least ½ of the premium.
The first trend we will address is that of the small business owner. The coverage options to them are so expensive that companies that would hire more than 50 employees (if only seasonal) are holding their employment level below the mark. This means demanding more work from fewer employees.
They stay within the law. However, they keep the hours of their employees just below the full-time threshold. The result is that highly qualified people are forced to work harder and with fewer hours, resulting in lower pay.
More Insurance Cost Increases
In 2017, insurance premiums went up dramatically in 2017. Unfortunately, it seems they are destined to continue to rise.
The increases vary from state to state. Some estimates are expecting to see a rise of 5.5% and others show increases well into the double digits.
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Less Coverage
Companies will have to balance the premium increase with the need of retaining good employees. This will mean a narrowing of the illness coverages. This will affect the selection of employees that some companies will hire or retain. Older employees with more health issues are a greater expense to them. It is cheaper to hire inexperienced help and train them.
Fewer Prescription Drugs
There will be a major drop in prescription drugs (more than 80) that are covered in 2018. There will be some that have generic replacements. You should check with your insurance company to see how this affects you.
More Use of Technology
Expect chronic patients to have more virtual care. Technology will be more available to interact with their doctors without the need of going to the office. Use of devices to monitor their health through virtual means. The goal is to reduce the amount of money it cost to help them maintain.
Use of technology to allow doctors to work without having to document everything that is said. You surely have noticed that doctors today show up in your examination room with a laptop computer. They are typing away as you describe your concerns. They have to do this because they simply do not have the time to see their patient load and document everything.
Soon, doctors will be able to wear a special pair of goggles which will streamline the visit to a data center which will create the documentation. This is a highly efficient method which will save the doctor money and lower costs of visits.
These are just some of the trends showing up just in time for the new year. There is much work to do. It is clear that the rise in health care costs is a critical issue. There must be a ceiling on the rise in costs. American workers need healthcare they can afford. We are all waiting for Congress to make healthcare affordable and health service better. Maybe this will be our lucky year.
Ashley Lipman
@outreachmama
Latest posts by Ashley Lipman (see all)
- 5 Trends Shaping the Health Insurance Market in 2018 - December 21, 2017
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