As deductibles hit the thousands, many skip care or prescriptions. healthcare
Many insured workers in such plans must pay thousands more than that each year. The medical math is forcing them to view their health insurance as something for worst-case scenarios -- like a major hospitalization -- rather than insurance that helps pay for doctor visits and prescriptions.
To be sure, all insurance plans have out-of-pocket maximums, which is the most a consumer will have to pay -- excluding monthly premiums -- within a calendar year. Generally, the lower the premium, the higher the out-of-pocket max.
"For a group with employer-sponsored coverage, you would expect they won't have to make those trade-offs," Hamel said.One reason for the rise in these plans: Employers are shifting the burden of higher health care expenses to their employees. Workers with employer-based insurance typically are paying 12% of their incomes -- or more than $7,200 annually -- on premiums and deductibles, up from 7.
Dr. Munger said he saw this behavior earlier this year when a patient with diabetes and a high-deductible plan decided to skip insulin because of the out-of-pocket costs.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Blockchain company Ripple invests in MoneyGram to power cross-border payments, shares explode higherBlockchain company Ripple announced an investment in and partnership with MoneyGram International Inc. Monday afternoon, sending MoneyGram shares soaring...
Read more »
Dow futures higher as investors await Fed meetingU.S. stock index futures were higher on Monday morning, as investors look ahead to a crucial Federal Reserve meeting this week.
Read more »
Betting the house: investors demand higher premiums for risky Australian mortgage bondsInvestors in Australian mortgage bonds are demanding higher premiums to buy the ...
Read more »
European stocks set to open higher as investors await crucial Fed meetingEuropean stocks are set to open higher Monday as investors await this week's crucial U.S. Federal Reserve meeting.
Read more »
Social-media stocks, telecom shares lead stock market to narrow win ahead of Fed meetingU.S. stocks eked out modest to slight gains on Monday, powered by a climb in shares of technology-related and communication services shares. The Dow Jones...
Read more »