No matter how you feel about health care reform – it’s pretty obvious that we do need to change some things about our situation in the U.S.
Health care costs are soaring out of control and it’s having a profound impact on the nation’s economy. A recent study by Aon Hewitt is proof of that.
It’s costing employers more…9% more than in 2010. That could be why you didn’t get that raise you were expecting.
Health care is cutting into your budget a little bit more than that…out-of-pocket expenses rose 12% last year.
A recent article on CNNMoney states that if we continue down this road spending on health care will make up 25% of the U.S. economy by the year 2035!
Don’t be surprised if you see some major changes in the health insurance offerings from your employer. Many companies are looking for ways to cut costs, encourage healthier living and kick some people off their plans altogether.
Here are five things you should watch for in the near future…
1.Paying More for Family Coverage
If you’re bringing extra dependents into the health insurance mix, your employer could start charging you more for that coverage.
68% of companies surveyed by human resources consulting firm Towers Watson in March said they plan to charge more for each dependent in order to offset rising costs. Changes from health care reform now require insurers to cover dependents all the way up to age 26, and that’s caused a jump in dependents added to plans.
You should also expect more companies to hand out penalties if your spouse is on your plan – but could be on a plan of their own. Experts say more and more employers are enforcing surcharges for ineligible spouses.
2. A Scarcity of Actual Doctors
The average wait to see an MD for a for a simple physical is now 20 days. The Association of American Medical Colleges expects the number of doctors in the U.S. to shrink by 63,000 in four years.
What will become more common is the availability of nurse practitioners or physician’s assistants. NPs and PAs are often on-hand at retail stores like Walgreens or walk-in clinics where patients usually pay a set rate for certain ordinary services – like checking for strep throat or getting a flu shot.
This isn’t necessarily a bad thing since NPs and PAs are trained to handle typical medical situations.
More and more insurance providers are covering this type of care You’ll likely see more Americans opting for it because of affordability.
3. Retirees Cut from Employer Coverage
Another effect of changes from health care reform could have more employers ending health insurance coverage for retired employees. That’s because of potential improvements to Medicare’s prescription drug coverage.
More companies may give retirees cash and tell them to sign up for Medicare. According to Amanda Gengler of CNNMoney – that may or may not be a good thing – depending on your situation.
“You might be able to more closely tailor your benefits to your needs. But not all firms will provide enough cash to make it a wash.”
4. Employers Will Monitor Your Health
If you’re unhealthy – you could be costing your employer a pretty penny. Expect to see many companies reward good behavior and punish bad habits and unhealthy living.
Don’t be surprised if your employer starts requiring you to take health risk assessments that include blood tests, blood pressure screening, Body Mass Index reporting and more.
If you’re a smoker – you could very well see a surcharge shrinking your paycheck. If you need to drop more than a few pounds – your boss may suggest you participate in a weight management class.
On one hand – if changes like this motivate us to live healthier – it is a good thing. But on the other hand, no one likes to have “big brother” babysitting them all the time.
5. Companies Cut Health Coverage Completely
This is obviously the worst-case scenario – but it may be a common scenario in the near future.
There are a lot of companies that are uneasy about how health care reform will change things.
A Tower Watson survey conducted in 2007 found that 73% of employers questioned were confident they’d be offering health insurance in 10 years. The 2010 survey found that only 38% of companies were feeling that optimistic.
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+Kasey Steinbrinck provides helpful personal finance tips on behalf of online check printer Check Advantage. Visit the site to order checks online including Animal Checks and Retro Checks. Get free content for your blog or website when you contact Kasey for more information.
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Something else to chew on…
In 2002 – the average health care costs for a family of four were under $10,000 per year. In 2011 – it’s doubled to nearly $20,000!
Let’s start by taking the profit motive out of health care. A single payer system would help reduce admin costs and recoup money wasted by private insurance.
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