Health Insurance Costs Warning
Health Insurance Costs
Health insurance cost in the United States is exceedingly high. Getting sick and not having the protection of health insurance can be catastrophic.
Many people end up as financial wrecks if they are unfortunate enough to get sick and have no health insurance.
Many have lost their homes or file for bankruptcy because of the overwhelming health care cost that they have to bear because they had no health insurance.
They have no health insurance because of the astronomical cost of health insurance. Over 50 million people in the USA are without health insurance because of the outrageously high health insurance cost.
Why Are Health Insurance Costs So High
The cost of health care is extremely high not only because of the runaway cost of the treatment themselves, but runaway costs that run the full spectrum of the health care field.
Health expense runs from redundant paperwork procedures to over reaching and over controlling insurance companies to an over-abundance of lawsuits to doctors ordering unnecessary procedures to protect themselves from litigations.
The result is an inflationary spiral to health care cost. This race to the stratosphere makes it almost impossible to pay for health care if one does not have health insurance.
However, many have no coverage because insurance premiums have been heading for the skies at an alarming rate.
How The Country’s Financial Turmoil Affects Health Insurance
The high health insurance costs have even been exacerbated and made worst by the financial turmoil that this country experienced in the 2008 - 2009 recession.
Millions of people lost their jobs - the unemployment rate at this writing is hovering close to 9% which is extremely high.
In fact, a private foundation that supports health-policy research, the Commonwealth Fund, estimates that the number of people who lost their health insurance in the last 2 years amounted to 9 million.
As people lose their jobs, they also lose their employer health insurance because they have no employers to pay for their health insurance and they can’t pay for it themselves.
As a result, they fall off the wagon and have to drop their health insurance coverage.
Can The High Health Insurance Cost Be Controlled?
The high health insurance cost and the cost of health services in this country must be brought under control. But how? And by whom?
Should the government do it? They have in fact already passed a health care reform act to address the high cost of health insurance. Will that solve the problem?
Health Savings Accounts or HSAS provide a noteworthy option.
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