The health insurance premium dollar in 2020

At Work, Employee Benefits, Healthcare 4 comments

Oh those greedy insurance companies. Their profit gouging drives up our health care costs.

REALLY? The fact is that has never been true.

Source: Breakdown of a health insurance premium dollar in 2020 | BenefitsPRO

Despite the political drumbeat otherwise, insurance premiums are not driven by insurance companies but by the cost and use of healthcare, period. Oh, and note the taxes and fees mostly imposed by the states.

Avoiding those taxes is one reason large employers self insure their health benefit plans. Self- insuring also exempts a plan from state insurance laws in favor of federal law.

4 comments

  1. I would like to know how much of the prescription drug costs is advertising. When my wife in a doctor’s office, they never bought lunch because the drug reps did when they dropped off the free samples. I also don’t understand all of the direct marketing to patients on TV and in magazines. I’ll probably be surprised that it is a small percentage but it seems like an expense that helps drive up costs.

    I also would like to know how much liability lawsuits add to medical care at every level. Not that I want to get rid of liability claims, I just want to know how bad things really are. It seems like nobody reads charts any more.

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    2. I cannot believe how many people run to the doctor to get the latest drug for their condition. Many of these drugs side effects are worse than the condition that they are supposed to help. There are so many over the counter medications that help treat health conditions, without the costs of an office visit and a new high priced drug. When I was on active duty in 1986 a USAF Nutritionist at the hospital on Langley, AFB, VA, told the class on weight management that all health conditions can be linked to diet and exercise. Meaning that your diet is lacking key nutrients and you are not getting enough exercise. I have used this information wisely over the years and at 65 have no major health issues and I am not taking any medications. I do not remember the last time I even had a cold or Flu. I walk 2 to 3 miles every day. My great grandfather walked 5 miles per day, worked on his farm and never owned a car, and lived to be 95.

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