Health insurance premiums are rising at a rate that far outpaces inflation; they’re so far beyond what the average person can afford, it is almost comical. More than a quarter of citizens living in one of the most prosperous nations on the planet have to forgo medical care they need each year because they lack the resources; almost 50 thousand people die each year from causes that could have been prevented by medical intervention, including many with an insurance plan.
Here are just a few of the many issues that plague the US healthcare system and are causing prices to skyrocket.
Incorrect Billing Codes
Medical billing in the US is handled through the use of CPT codes. These codes are standardized among all facilities and insurance agencies. Thousands of codes exist that attempt to cover every possible issue, ailment, treatment or procedure.
Such a complicated system – along with a bad habit of corporations cutting corners to save a buck by not properly training their staff – has led to a quagmire of errors and abuse. Research groups have found that no less than 30 percent of all bills contain errors.
Millions of Americans each year have their credit harmed because of erroneous or fraudulent charges and have no recourse at all to protect themselves. Trying to acquire itemized bills for service performed can be a challenge as well, as hospitals do not want their customers to see or understand what they’re actually being charged for each time. Sites like Best-Medicalbillingcoding.Com can help you learn more about medical billing, make sense of your bills, and may allow you to catch extra charges.
Chronic Conditions and an Aging Populating
Rising prosperity during the 20th century led to a culture of extreme excess, in consumption of goods and food. Highly-processed food devoid of any meaningful nutrition was forced on an ill-educated populace, leading to a normalization of junk food and overeating. The previous generations passed on these poor eating habits to their children; school nutrition wasn’t safe either.
Around 30 million people in the US suffer from type 2 diabetes: that is almost 10 percent! Poor diet paired with an aging population that relies on expensive procedures and medications just to stay alive have resulted in major cost increases to Medicare and private insurance rates alike.
Propping Up an Entire Industry that Shouldn’t Exist
The prevalence of the health insurance industry today is mostly an accident. Without a federally-mandated program to provide health care to citizens, hospitals took matters into their own hands to make sure their beds were filled. A wartime bungle allowed corporations to offer health insurance to their employees tax-free and it became a way to draw in and retain better talent. As time went on, there was an over-reliance on corporations providing benefits, and with jobs so plentiful, the federal government did little to shore up the system.
In the past, insurance may have served a purpose – but arguably, there is no need for a middleman today. Your insurance premiums are being spent on luxurious headquarters, sprawling executive suites, cafeterias that serve steak and lobster, and multiple coffee shops on campus. That money could be better spent saving lives – and should be.
Rates for healthcare costs don’t seem to be coming down anytime soon, with a variety of factors impacting the overall trend. Without major changes to the structure of medical care in this country, many more will likely suffer. These three reasons are among the biggest for out-of-control healthcare costs in the United States today.