A Major Health Insurance provider in New York may have made various compelling cases for creating “public option” to health care coverage. This letter states that health insurance premium rises by 29% in October.
This is not only a staggering issue but would raise the prospect of having cost of family’s health insurance coverage which double in around next four years. After such a letter or say announcement the first reaction of many clients was a question as to what was the need to increase the health insurance costs by 29%. The second question that jitters the mind was which health insurance companies would want to raise the rates by 29% in terms of such recession. Many businesses across the country are reducing the rates so as to balance out the pressures on them.
This circumstance arises due to two reasons. Either the company has insufficient competition or the customers have difficulty shifting to a competitor. The customers for such companies are generally locked in, forcing them to go along with increased rates as they have difficulty taking business elsewhere.
The main question is to HMO as the extent to which they provide service is constantly monitored by the insurance company. Each medical visit test, or procedure need to be pre-approved. The cost of health care industry is rising at an alarming rate which would double the price of an average family insurance.
All such rates would depend more on what the legislation adopts in the meantime, but if health care costs continue to rise the uninsured amount of people would grow and the opposition to public option would fail making private insurance companies at a loss.
This is not only a staggering issue but would raise the prospect of having cost of family’s health insurance coverage which double in around next four years. After such a letter or say announcement the first reaction of many clients was a question as to what was the need to increase the health insurance costs by 29%. The second question that jitters the mind was which health insurance companies would want to raise the rates by 29% in terms of such recession. Many businesses across the country are reducing the rates so as to balance out the pressures on them.
This circumstance arises due to two reasons. Either the company has insufficient competition or the customers have difficulty shifting to a competitor. The customers for such companies are generally locked in, forcing them to go along with increased rates as they have difficulty taking business elsewhere.
The main question is to HMO as the extent to which they provide service is constantly monitored by the insurance company. Each medical visit test, or procedure need to be pre-approved. The cost of health care industry is rising at an alarming rate which would double the price of an average family insurance.
All such rates would depend more on what the legislation adopts in the meantime, but if health care costs continue to rise the uninsured amount of people would grow and the opposition to public option would fail making private insurance companies at a loss.
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