Health Insurance Costs Are Expected To Increase In The Year 2020

The year 2020 will be a bit tough for US employers and workers as they have to shell out expensive health insurance costs. According to the prediction by top companies,

the total cost of workplace health-care coverage will be approximately $15, 375 by the next year. Well, the National Business Group on Health quoted that this rise is from $14,642 in the year 2019. Further, this figure will include both workers as well as employers who are spending on insurance. By the next year, employees are expected to bear almost around $4,500 costs, which will include out-of-pocket expenses.

For workers as well as their families, it is predicted that total cost of health insurance coverage will be around $15,375 in 2020. It is almost an increase of 5% as per as survey, conducted by National Business Group on Health. Further, according to the National Business Group on Health, it is expected that employers will need to cover approximately70% of costs, whereas for workers, it will be around $4,500 in expenses.

Coming to deductibles part, payments, before these insurance companies offer benefits, is seen more than half of the workers’ out-of-pockets spending. However, the average was seen even higher for high-deductible health insurance plans where $2, 349 is for single coverage. But sometimes, these high-deductible plans are advantageous as it allow workers to save their dollars.

In the year 2018, it is seen that almost 4 employers out of 10, as researched by National Business Group on Health, are found to have offered high-deductible plans. Further, as per research, it has been seen that there are only a quarter of employers who will properly follow this process from the next year. An option known as a Preferred Provider Organization Plan will encourage people to visit any in-network provider without any kind of reference from their primary care physician.

What To Expect This Coming Year

  • Employers can get in touch with their insurers to easily find out few suitable primary care physicians to treat patients from the scratch
  • Increase the process of virtual treatment

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