Continuation of more Federal dollars to support health insurance premiums – that is basically it. A good friend of mine, Sterling Shuttleworth, retired founder of Venture Captive Management, also an expert with over 45 years in the healthcare insurance consulting field, shed some light on what he sees and has seen as our biggest health insurance issue. Here are some of his thoughts:
The real issue is what also occurred yesterday June 24th. A joint Congressional Panel heard 4 State Insurance Commissioners state the following – the average increases in exchange, private and group health insurance premiums will rise 22.5% or higher. The reason, more sick people entered the health insurance system and young healthy people exited. Health rates are well under prices for 2015-16. Right now claims are 2 times greater than the revenues generated. All the plans are “unsustainable”.
Some of us knew this over 4 years ago when the Society of Actuaries stated this and it was ignored.
Who is the biggest elephant in the room driving up all these costs? Us, we……..
We continue to laugh off wellness, proper diet, exercise, smoking and other detriments to a healthy lifestyle. The frequency of the 5 preventable diseases is the Major Cost Driver of our healthcare costs and thus health insurance costs.
It is in your hands, what are you going to do about?