The trend in health care has become a major point of interest for consumers, businesses and policymakers. human resources and leading outsourcing solutions, Aon Hewitt provides a thorough examination in the factors that increased premiums with the insurance Driver Trend study 2011.
While the trend of basic health care (including price and mix of health care services) remains the underlying foundation of any premium increase, there are several other factors to consider. Let's take a more comprehensive glance below:
- Demography claims experienced by a health insurance policy are constantly affected by health and demography of population - the largest, age .. As we age, our health care costs are increasing from one to four percent every year!
- Franchise lever. When looking at the design of the plan, benefits to individual health include more cost sharing arrangements such as high deductibles and are more affected by the allowable leverage, while small benefits and large groups reduced cost sharing members and are less affected.
- Legislation. The impact of legislative and regulatory changes is periodic. Take, for example, the Act on the Protection and Affordable Care Patient (PPACA). Although major changes do not take effect until 2014, pre-PPACA changes result in impacts on short-term trends and eventually may affect the long-term trends in health care.
- Discretionary Benefits. This, unlike the others, lies in the discretion of employers and buyers of insurance plans that may choose to reduce the premium by increasing the amount of their deductibles or copays. This "buy-down benefit" is usually in response to the increase in potential bonuses.
- More specific plan factors. Conditions set by some markets, providers and plans, such as adding reductions and a greater variety of insurance options may impact the premium costs. To protect against potential future losses, insurers also have the power to increase reserves.
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