Health insurance costs will rise in 2020

Employers will pay more in 2020 to keep their employees insured.

“We are seeing average premium increases in the 5% to 10% range for 2020 plans,” said Gray Davis, the senior vice president for McGriff Insurance Services.

Davis estimated that a business employing 100 people will pay $1 million to buy coverage. He said insurance companies tweak plans to keep monthly premiums lower, manipulating deductibles and total out of pocket costs for employees.

The deductible is the amount of money the insured is required to pay before their insurance picks up any of the bill. The out-of-pocket maximum is an individual or family’s total amount of financial responsibility after deductible.

For 2020, by law, a family’s out-of-pocket maximum is $16,300.

“So if that’s your out of pocket, do you really have insurance?” Davis questioned.

Economist Dr. Victor Claar at Florida Gulf Coast University said everyone should try to utilize health saving accounts to save for the cost of their deductibles and out of pocket maximums.

Kaiser Family Foundation estimates that an American family will spend an average 10% of their income on insurance costs, making saving for care increasingly difficult.

Davis offered this advice for families to try to save money on health costs in 2020:

• Negotiate health care charges
• Pay in cash
• Stay in network
• Use Mail Order Prescription drug option
• Get second opinions
• Stay out of the ER. Use the walk-in clinics whenever possible
• Use your free benefits. Get an annual physical
• Review your explanation of benefits letter (EOB)
• Know that Florida HB221 protects us from surprise — or balance billing
• Review costs in advance by using apps such as OneRx for prescription drug pricing and discounts and RealTimeChoices for the cost of local medical procedures
• Stay or get healthy and avoid lifestyle bad behaviors such as smoking and obesity
• Follow the instructions from your health care provider to eliminate gaps in treatment
• Participate in employer wellness programs if offered. Many offer incentive discounts, FitBits, and healthy lifestyle training and education

WINK News will be taking an in-depth look at our medical system for the next year. If you have a story you want to be heard, whether it’s a high medical bill, an insurance dispute or a medical procedure gone wrong, send us an email to investigations@WINKnews.com.