Papers > Medical > Issues Related to Consumers and Their Insurance Benefits
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Issues Related to Consumers and Their Insurance Benefits
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After years of controlled increases in health insurance premiums, the cost of health insurance is again rising at double-digit rates. ...
Most employers react to the higher cost of insurance by raising prices, cutting out or eliminating all together health benefits for employees or making the employees pay more for their coverage (Miller, 2000). ... However, those claims were short-lived when the health insurance costs in 1998 rose 6. ... When premium increases occur, it results in employees paying more for their healthcare coverage and employees are getting fewer choices about their healthcare coverage benefits. ... According to the Bureau of Labor Statistics, data shows changes in the spending habits of consumers from 1987 until 1997. ... Along with the low reimbursement rates, physicians complain about increasing regulations and an increase in malpractice insurance as the major cause to charge more for their services. ... The baby boomers are not the only reason cited by Kaiser for the increase in costs, there is also the demand by consumers to have the freedom of choice as to where, when and what they receive from the healthcare providers. ... According to Kaiser (see graph below) PPOs increased their share of consumers from 28 percent in 1996 to 38 percent in 1999 while POS enrollment has increased from 14 percent in 1996 to 25 percent in 1999.
The impact of increasing healthcare costs on employees, consumers, taxpayers, and businesses will become more evident over the span of the next few years. At this time, the impact on the employee has been that the employer has passed on the increased cost to the employee in the form of lower wage increases, increase in coverage premiums, and possibly doing away with annual raises and/or the offering of health benefits at all. ... Companies are passing the increased costs of healthcare coverage on to the consumer by raising the prices of their products and services because the health care coverage represents between 5 percent and 9 percent of wages (Miller, 2000) and benefits for companies that offer the benefit, up from around 2 percent in 1965. ...
In conclusion, the impacts of increased health care costs on employees, consumers, taxpayers, and businesses will cause tremendous problems for the U.
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Paper Information
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Title: Issues Related to Consumers and Their Insurance Benefits
Words: 1965
Rating: None
Pages: 7.9
submitted by: marytra
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