Introduction

There are many things that makes living in the United States great, but truth be told, we hear it from everyone regardless of national origin:  the system of healthcare in the US is ridiculous and the cost for healthcare is grossly overpriced. Can we all agree? Here we are, living in a country with top of the line medical products and exemplary medical facilities yet, the administration of health care is below that of a third-world country. At the end of the day, we must ask ourselves how big is the insurance industry in the US, what are the true costs of Healthcare?  That’s all honest questions, let’s dig further.

US Healthcare Problems

Arguably the top 5 problems in the US Healthcare system are as follows:

1. Government Changes to Health Care Policies.
2. High health insurance costs.
3. The Opioid Crisis.
4. Poor Patient Outcomes and
5. Poor Public Perceptions.

We can all agree that amongst the above-mentioned problems, the Co Vid 19 Pandemic has thrown a spoke into the wheel of other pre-existing healthcare issues.  Now we can get a sense of exactly how large the insurance industry is in the US, as the system has a great deal of ground to cover in solving the problems above

Impact of COVID-19

The major international threat of CoVid 19 pandemic lingering over every American’s household, with new and evolved strains threatening us on the horizon should not be taken lightly. To vaccine or not vaccine has now become the burning topic in our everyday lives. Vaccine from what exactly? we’re not quite sure. Vaccinate using which Company’s vaccine? Another more burning and complex question even policymakers are unable to answer in this capitalist market-based economic climate that we live in. Against the backdrop of all of the foregoing crises, there are the health insurance providers who, for the most part, are experiencing a windfall, raking in your insurance premiums like leaves on an autumn day.

Why Is Health Insurance So Expensive in 2021?

Let’s get to the real issue. True statement, healthcare costs a lot in the US and many Americans do not maximize the benefit from the quality which their health insurance coverage is intended to provide. To test the relationship between the cost of healthcare insurance and the quality of any given plan is in fact a daunting task for the fact finder. What we do know is that the system of Healthcare in the United States is essentially a business. That’s why healthcare insurance is so expensive. Think about it? Medical care professionals don’t get paid to see you well and don’t earn a dime to give you a clean bill of health; when you go for a doctor visit, they get paid to proscribe subscriptions, use the medical equipment and to diagnose you, all in an effort to tap into the insurance money who make it rain with your money while skimming off the top, all at your expense, while you, the patient still have to pay out of pocket. A healthy society is bad for business, that’s a fact. Think about the last time you visited the doctor? What happened?

You were probably told that something was wrong with you which you did not know, or you were probably referred to another specialist who then repeats the same sad cycle with a series of subsequent visits, while the ultimately issue in seeking to alleviate your health is given the back burner. At the end of it all your left with a mountain of medical bills and a whole lot of prescriptions which side effects probably will worsen your situation and send you right back to the doctor. Are we lying here? Can we get an Amen or something? This is a harsh reality faced by most Americans seeking medical care. This goes to show why Healthcare insurance is so expensive in 2021; while first off, healthcare insurance has been always expensive, we can blame the recent and sudden increase on the emergence of Co Vid which descended on the US on or about March of 2020. The apprehension which the pandemic has caused has resulted in healthcare insurance becoming overly expensive.

Family’s Insurance Costs Rise Higher

Well, the reality is that you can’t control when you get injured or become ill. That’s the problem as our healthcare system is hinged on supply and demand, family insurance costs will obviously skyrocket given the economic climate we live which has now become overly “health-conscious”, while social distancing and wearing masks at the bare minimum does some good, the average American is concerned about the health of their respective immediate family members, so naturally, because of this demand, we observe family insurance costs also increasing. That does not mean to say that there is going to be any health insurance collapse as Americans we tend to rise to every challenge. But as the patient, you do have choices when it comes to what you pay for your health insurance premium. Insurance premiums are the monthly payment you incur to your health insurance company to maintain your health care coverage. Below you will find some useful tips on how you may be able to lower your health insurance tab, keeping some of your hard-earned money in your pockets.

Are You Paying More for Health Insurance Than You Should Be?

The average American is paying more for health insurance than they should be, but again there is no need for any panic as there are numerous ways to save money and avoid an economic health insurance collapse. We are generally a culture of making deals after hearing the best marketing pitch, but we generally do not read the fine print of the insurance policies given to us., Rather, we rely on the doctrine of reasonable expectations as to what the reasonably prudent consumer would expect to receive for his or her respective insurance deal.

How can I lower my health insurance costs?

So by now we should know and understand that health insurance is expensive and there is a grey area in determining the relationship between health care costs and the quality of your bargain. So how can us as consumers lower our own healthcare costs?

First, determine if you are eligible for any tax credit subsidies. If you purchase your own health insurance, you may receive help paying for it from Uncle Sam. The Advanced Premium Tax Credit subsidy lowers your monthly payment. When you’re shopping around for plans, you usually would be able to see if you qualify. Here is another tip, Pick an HMO. When you choose a PPO for example, you can see the doctors you want without a referral, both in and out of network, for most medical services, and still be covered. As the patient, you pay for this freedom with higher premiums. With an HMO one primary care physician coordinates your care, and this also covers if you need a referral from them to see a specialist, and there is no out-of-network coverage except in an emergency. That is how an HMO lowers health care costs and by extension your monthly payment.

Another tip is to select a plan with a high deductible; a deductible is an amount you pay for health care services before your health insurance begins to pay. For those who didn’t know, a plan with a high deductible will have a lower monthly premium. If you do not visit the doctor often or take regular prescriptions, you will not pay much toward your deductible; that however could all change at any time and that’s the risk you take with that choice.

Another tip is to choose a plan that coordinates with a health savings account. Health Savings Accounts (HSA’s), are accounts that you use to pay for medical expenses. These accounts allow you to save on taxes with a health savings account because the money you put in and take out is either tax-free or tax-deductible. You can also save on your monthly payment as plans that pair with a health savings account has higher deductibles, so their premiums are lower. The following link provides further info. In addition, you can consult a good personal injury lawyer. They are more knowledgeable than others on this topic. Moreover, for example, mosheslaw.com conducts the first consultation free of charge.

Future of Healthcare Payments

With regards to the future of healthcare payments, there is hope for us all as our own due diligence in shopping around will determine whether health insurance costs rise or fall in the good ole USA. We anticipate that with more persons working from home, with more time on their hands, and becoming more investigatory in their own thinking, that the price of healthcare payments will be forced downwards in the future. The buck has to stop somewhere after all.

Conclusion

We would love to hear everyone’s comments and opinions on this burning topic, what can we do about Rising Healthcare costs?  Can us as Americans figure out a realistic game plan?