The health insurance market is changing rapidly. As of last year, the number of Americans with health insurance coverage dipped to a record low of about 9 million. That’s down from about 12 million when President Donald Trump took office and up from about 11 million just a few years ago. Great news, right? Well, the good news doesn’t really end there. Health insurance is improving again, and it’s doing so much better than ever before that many Americans now have health insurance as their only source of care. It’s becoming less expensive and more convenient than ever before for most people – not to mention the amazing benefits that come with it. The bad news isn’t any easier to stomach given the changes posed by the Affordable Care Act (ACA). Before this blog post even started, we heard from some people who are switching jobs or leaving home without health insurance — and they have some exciting things to say about why they did it! Here’s what you need to know about switching to health insurance.
The Rise of Health Insurance in America
Health insurance in America is anything but a novelty. Since 1929, the number of Americans with health insurance coverage has increased by an average of 5 percent each year – making it the third-most-important source of health coverage in the country. In fact, one-quarter of all health insurance coverage is gained through health insurance. One issue that’s up for debate among health insurance proponents and opponents is how best to address the rising costs of health insurance. The administration of former President Barack Obama proposed raising premiums by an increasing amount, from about 10 percent of income to 15 percent. This policy was opposed by many – including many insurance companies – but was ultimately disapproved by the courts. Now, the good news is that premiums are falling. In fact, premiums for individual and commercial health insurance plans are the lowest they’ve been in almost a decade – and that’s likely to continue. This is a great sign for health insurance – and for the U.S. economy as a whole.
Fees and Costs for Health Insurance
Health insurance is expensive, sure, but it’s not the only expensive option. There are lots of cheaper and cheaper options, depending on your insurance company. Here are a few of the most expensive providers and services you can get insurance through: Cancer: $2,500 for a screening test and a complete treatment, including things like mammograms and hip and knee replacements. Guilt and Punishment: $2,500 for a guilty verdict and a guilty person, including time served, fines, and court fees. Pregnancy and Baby: $3,500 for a birth, including the expense of a casket and special needs for the baby. Pregnancy and Baby Expenses: $4,000 for things like the Long Island Iced Tea that the baby drink is made from.
Why health insurance is back
We’ve written plenty about the benefits of health insurance, but how many of you know that it’s also back? Health insurance is back – and it’s bringing benefits that were once only available to high-income individuals with employer-based coverage back to the regular insurance market. Here are a few reasons why: The number of individuals with employer-based coverage has increased. That number is now at a record high of more than 26 million people with health insurance coverage – an increase of about 1 percent over the last decade. The number of people without health insurance has decreased. That’s likely an influence from the rising costs of insurance. Companies are now offering health insurance coverage that’s simulates the benefits of health insurance. For example, Blue Cross Blue Shield of California offers an “enhanced benefits package” that provides coverage that’s designed to look like health insurance.
Benefits of Health Insurance
Here are five of the most popular benefits of health insurance: Healthy body image – People with health insurance see better than those without insurance, and they report being more satisfied with their health condition than those without insurance. Protection from unplanned pregnancy – Health insurance protects the woman against unplanned pregnancy – if she gets pregnant while on insurance, and the plan matches the amount insured against her premium. Lower costs of care – Health insurance plans are now allowed to reduce the maximum amount of care that can be covered under a benefit plan. For example, an HMO can lower the maximum payment amount for in-hospital cardiac care to $500 from $1,500. Increased flexibility – Flexibility is a key benefit of health insurance. Health insurance plans can now offer features that don’t exist in Medicare or Medicaid – like maternity leaves, flexible work schedules, and child care options.
The Bottom Line
Health insurance is here to stay. Whether you’re a first-time homebuyer or a long-time resident, you can be sure that health insurance is available. The only real question is this: What kind of insurance best for you? If you’re willing to spend a few bucks more per month, or risk losing coverage entirely, then go for it. Health insurance is a valuable and affordable option for everyone, regardless of income. But if you’re comfortable with your financial situation and feel comfortable paying the premiums, you can certainly opt out of the market entirely. Health insurance can be a wonderful source of health and happiness.
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