With 2017 right around the corner, concerns for healthcare costs are starting to rise. Whether your coverage is through your employer’s group plan, Federal Employees Health Benefits (FEHB), Affordable Care Act (ACA), or Medicare, you’re probably starting to think about next year’s expenses.
What is concerning people about 2017 healthcare costs?
What are the main contributors to the healthcare cost worries associated with 2017? We feel there are three main topics that concern people when it comes to the coming year’s healthcare costs. Here they are.
Healthcare premiums are increasing.
If you’ve been paying any attention to the news, you may have noticed healthcare premiums are increasing, especially the ones under the Affordable Care Act. According to an analysis by Charles Gaba, the average premium increase in the non-group market will go up by about 24% for 2017.
Some insurers, like UnitedHealth and Aetna, have withdrawn from the ACA marketplace in some states, because of the rising costs associated with it. As a result, consumers are being required to either pay higher premiums or find a new insurer – one that participates in the ACA marketplace.
More prescription drugs are being excluded from insurance formularies.
Every year health insurers update their prescription drug formularies to reduce their costs and shift consumers to using up-to-date generic alternatives. When these formularies are updated, many consumers lose the coverage they once had for certain brand name prescription drugs. This can cause worry for many consumers, since the price they pay for their brand name prescription will most likely skyrocket.
It’s important to know there are other ways you can save when this happens. As stated before, when drugs are excluded from a formulary, it’s usually because a generic alternative has become available. Take a moment to discuss this option with your physician or pharmacist. You can often save a significant amount of money by simply switching from a brand to a generic drug.
LowestMed always shows you a generic option for brand name drugs, when available. However, if you need to continue using a brand name drug that is excluded from your insurance formulary, be sure to use the LowestMed discount coupons to help you save money rather than paying full retail prices.
Healthcare deductible costs are increasing.
Healthcare deductibles, especially for individuals on high deductible health plans, are increasing. The average deductible increase for the ACA’s bronze plan is 6 percent for 2017. A deductible is the amount of money an individual must pay out of pocket, for health-related services, before the insurance covers the remaining costs.
Read here about what a deductible is and how you can better play the health insurance deductible game.
One clear way to ease your worries at the pharmacy counter: LowestMed.
If it’s clear you will not hit your deductible, the importance of finding discounts for prescriptions is high. With fewer drugs being covered by insurance drug formularies, healthcare premiums increasing and deductibles rising, consumers need help affording medications.
With services like LowestMed, you can easily locate discounts for prescription drugs at nearby pharmacies. You simply plug in your medication and ZIP code, then boom … pharmacy savings! Some insurances even let you apply your prescription drug spending to your deductible.
You can try searching for discounts on your prescription with the search tool below.