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Getting Sick is Expensive
Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them.
Meet the voices behind Making Margin:
- Nick
- Allie
- Jeff
Today’s topic is health insurance and HSAs: What are some ideas to combat the ever rising cost?
- Last year, employers spent an average of $15,159 in premiums to cover a family of four, according to an analysis from the Kaiser Family Foundation. In all, that’s an increase of 51% from a decade ago.
- The average family of four paid a total of $7,726 in 2018, according to the foundation. That’s an increase of 67% from 10 years ago. Of that amount, families paid $4,706 in premium contributions for coverage at work, plus $3,020 in cost-sharing — that is, deductibles, coinsurance and copayments. (Bear in mind, employers still shoulder a large share of premiums. Employees also have the advantage of paying premiums on a pretax basis, as opposed to buying coverage elsewhere with after-tax dollars.)
- In contrast, on the private market, a family of four with an annual household income of $80,000 would pay $7,888 per year in premiums for a silver plan purchased through the health insurance marketplace — provided they are eligible for a premium tax credit of $9,961 per year, according to Kaiser.
Without the credit, the plan would cost close to $18,000 per year. - “Insurance companies get a lot of heat for raising deductibles and premiums,” said Cynthia Cox, vice president at the Kaiser Family Foundation. “But if you look at what’s driving health-care costs year to year, it’s the price of health care: the cost of doctor’s visit, the cost of a hospital stay,” she added. “That’s really what’s making those premiums and deductibles go up each year.”
Discussion topics:
- A medical bill that we have each received that was shockingly high.
- Policy wise: What’s the solution?
- HSA: Is it the magic bullet to combat rising health costs?
- As Advisors, how do we estimate future health care costs with so much uncertainty?
Take away:
Take advantage of an HSA if you are able to. They’re a great hedge against unexpected health care costs.
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By Greenway Wealth Advisors
5
1111 ratings
Welcome to the Making Margin podcast! Greenway’s team is here to discuss common financial mistakes and to help you navigate them.
Meet the voices behind Making Margin:
- Nick
- Allie
- Jeff
Today’s topic is health insurance and HSAs: What are some ideas to combat the ever rising cost?
- Last year, employers spent an average of $15,159 in premiums to cover a family of four, according to an analysis from the Kaiser Family Foundation. In all, that’s an increase of 51% from a decade ago.
- The average family of four paid a total of $7,726 in 2018, according to the foundation. That’s an increase of 67% from 10 years ago. Of that amount, families paid $4,706 in premium contributions for coverage at work, plus $3,020 in cost-sharing — that is, deductibles, coinsurance and copayments. (Bear in mind, employers still shoulder a large share of premiums. Employees also have the advantage of paying premiums on a pretax basis, as opposed to buying coverage elsewhere with after-tax dollars.)
- In contrast, on the private market, a family of four with an annual household income of $80,000 would pay $7,888 per year in premiums for a silver plan purchased through the health insurance marketplace — provided they are eligible for a premium tax credit of $9,961 per year, according to Kaiser.
Without the credit, the plan would cost close to $18,000 per year. - “Insurance companies get a lot of heat for raising deductibles and premiums,” said Cynthia Cox, vice president at the Kaiser Family Foundation. “But if you look at what’s driving health-care costs year to year, it’s the price of health care: the cost of doctor’s visit, the cost of a hospital stay,” she added. “That’s really what’s making those premiums and deductibles go up each year.”
Discussion topics:
- A medical bill that we have each received that was shockingly high.
- Policy wise: What’s the solution?
- HSA: Is it the magic bullet to combat rising health costs?
- As Advisors, how do we estimate future health care costs with so much uncertainty?
Take away:
Take advantage of an HSA if you are able to. They’re a great hedge against unexpected health care costs.