Medical costs are to retreat in 2014
As said in a latest report by ‘PwC’s Health Research Institute’, the current price hike in medical expenses is going to abate in 2014. By means of less expensive and mobile emergency care units and communal healthcare programs it is being expected that the American people will have to spend comparatively less amount on medical care services in future; even the trend of getting health insurance under ‘Affordable Care Act’ is already increasing among Americans , said in PWC’s report. If you or a member of your family have suffered from medical negligence you may want to put in a medical negligence compensation claim and get the compensation you deserve.
But it is not something to be overly excited about because the estimates about degree of inflation in medical expenses are being said to be 6.5 percent in 2014, which would still be outdoing average income and inflation in the whole. However, retaining medical inflation to this level has only become possible through continuous efforts for curtailing healthcare costs that could otherwise have outgrown to a highest level forcing people spend a lion’s share of their income on medication.
Mr. Michael Thompson, the principle of human resource faculty at PWC, said: “The inflation in medical costs is continuingly exceeding overall income growth, but this variance seems to be disappearing soon. As suggested by long term growth curves, the rate of health cost rise will deflate as soon as economy looks up in the state.”
Nevertheless, this is not quite encouraging news for an average person. High-deductible healthcare plans according to which employees have to pay considerably higher healthcare costs afore getting insurance settlements have always been discouraged. According to the report, in-network healthcare deductibles have climbed to 1000 dollars, while for out-of-network healthcare deductibles this figure has reached as high as 2000 dollars.
Moreover, emergency care cost and prescription copays have gone through the roof. Just during the period from 2009 to 2013 the costs of emergency care has risen up to 50 percent, as reported by PWC. In the meantime, the rise in specific drug copays is up to 94 percent. These costs hikes are definitely influencing people’s decision about how and when to avail healthcare, said in PWC’s recent report.
For example, the trend of using retail medical clinics,which provide care at manifold cheaper rates than given in hospitals or doctor’s clinics, has witnessed three times rise during last 5 years. As expected in this report, these alternate care centers would increasingly get popular especially for minor diseases – an essential factor to minimize healthcare costs. Let suppose, if one spends about 499 dollars for one’s one visit to an emergency care room for the treatment of flu, cold or sinusitis, and availing healthcare advice through e-visits over internet costs 39 dollars, retail clinics can provide this care at just 76 dollars. Even visiting urgent healthcare centers at the cost of 121 dollars is cheaper than going to emergency healthcare units, report reveals.
Medical Negligence Claims are becoming a problem in 2013 in the UK
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There are also some other prominent factors contributing to healthcare price hike. For instance, on expiring various bestseller drugs’ patents, the drug manufacturers instead of introducing cheaper alternatives for these drugs are increasingly launching high-priced specialty medicines.In 2010, first time FDA has approved specialty medicines even more than ordinary ones –there has been only a boost in this trend during last 3 years, as claimed in the report.
Every year PWC conducts this survey on healthcare costs in order to help insurers and employers regulate their insurance premiums that the workers would be charged. As per the estimates made by this consulting company, despite a probable 6.5 percent increase in healthcare cost, insurance premiums would not rise beyond 4.5 percent in 2014. Besides all this, higher costs of deductibles and copays would add to inflation.The survey has actually found that more than 44 percent companies are also weighing up ‘high deductible healthcare plans’ for their ordinary workers.