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Bill Bateman
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Bill Bateman   My Press Releases

The state of US Health Insurance right now

Published on 8/26/2016
For additional information  Click Here

Marketing health insurance is a large part of my business and my income. I’m also in the business of helping agents sell health insurance. So I”m talking to agents and companies in all 50 states about what’s going on as we approach the next “open enrollment” season just a few short weeks away.

 

The market is very segmented. Many americans get their health insurance as part of the “supergroups”.

 

These Americans work for a very large companies in higher wage industries OR Government. About 1.1 millions business employ over 500 employees and they employ (according to the census bureau) about 50 million Americans.

 

Probably 80 percent of them have excellent (albeit expensive) health insurance and probably around 120 of the 320 millions Americans are covered under these “Big Group” plans.

 

These are people that work for Kellogg and GM and Microsoft and the like. THEY (these people) are in great shape compared to the rest of us

 

Of the approximately 200 million Americans NOT covered by these plans, 54 million are on Medicare (80 percent of those are retired and 20 percent of those are under age 65 and “disabled”)

 

The other 146 million are covered by a “small group” health insurance plan, an individual plan or they are uninsured…

 

Around 30 million American remain uninsured (not counting illegal aliens)

 

So in this post I’m talking about 3 groups.

 

These are my observations gleaned from a combination of government and insurance company data and from hundreds of conversations with Insurance company executives, insurance agents, business owners who buy group health insurance and consumers.

 

Individual health insurance for those under 65

 

This segment of the population (and I’m part of it personally) is having the biggest problems. Because of the Affordable Care Act - better known as Obamacare - there are 3 main problems.

 

  1. Declining numbers of insurance companies willing to sell money losing Obamacare policies
  2. Declining number of doctors willing to treat Obamacare patients (due to the paperwork and reimbursement structure)
  3. Unaffordable plans (rising premiums and rising deductibles and copayments)

 

Every resident in every state will have fewer choices, pay more money for it and have to wait longer to see a doctor or travel farther to see a doctor.

 

Group Health Insurance

 

Employer provided group insurance rates are skyrocketing. They are suffering from what’s called “cost shifting”.

 

Obamacare and Medicare pay less for the same service than group plans do. So medical providers “Shift” that cost to Group Health insureds.  

 

The “super groups” are able to negotiate on their claims closer to the levels government pays but little company plans don’t have the luxury of being big enough to do that.

 

More small companies will be dropping their group health plans.

 

Most employees will see higher out of pocket costs in their coverage and higher deductions from their paychecks for their share of the premiums.

 

Medicare

 

About 10,000 American - EVERY DAY - will be covered by Medicare for the next 13 years through 2029.

 

People on Medicare in the USA right now have a really good “deal”. They pay nothing if they are poor and rarely more than $250 a month if they are affluent for excellent coverage.

 

Right now that “average American” on Medicare cost the TAXPAYERS around $10,000 a year for healthcare.

 

So every DAY, America’s cost for our Medicare population INCREASES by about  $100 Million Dollars a YEAR.

 

Medicare is close to bankrupt. Politicians will soon have to “fix it” with a selective combination of higher taxes and lower benefits.

 

The likelihood is higher costs for most people on Medicare and continued decreases in the numbers of doctors that accept Medicare.

 

Don’t panic (yet)

 

“Let’s not pretend that things will change if we keep doing the same things. A crisis can be a real blessing to any person, to any nation. For all crises bring progress. Creativity is born from anguish…” - Albert Einstein

 

There are a lot creative ideas coming from the government manufactured crisis in health insurance. I’ll talk a bit about industries and concepts that can profit in some future posts.

 

Bill Bateman

 

One thing for sure is healthcare is going to cost more money than it does right now in America. Earning more is what they teach on the Wealthy Affiliate platform. That’s why I’m a member. If you like to join as a free member - click here

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