Health insurance costs projected to rise in the coming years

Consumers are likely to face rising insurance and out of pocket medical costs in the coming years.

Shopping for the right health insurance policy may be more important than ever in the coming years in light of a recent report showing a rising cost burden for employer sponsored programs.

According to the Robert Wood Johnson Foundation, out of pocket health care costs for families could rise 35 percent over the next decade, barring passage of legislation that reforms the current system. The report notes that middle class families would be hardest hit among all income levels, and that the effects would apply to residents of all 50 states.

"In just 10 years, the cost to American businesses for their workers ' health care could double. The number of uninsured Americans could reach almost 66 million. Individual and family spending on health care would jump 46 to 68 percent, with middle-class families hardest hit," said Risa Lavizzo-Mourey, CEO of the Robert Wood Johnson Foundation. She went on to say that the consequences of this would be "blind to politics."

Along with affecting families, the rising costs would also hit employers, especially small businesses. This would put more people into the market for private insurance policies by forcing more companies to stop offering coverage.

However, people can still shop around carefully and save on health insurance policies, occasionally be seeking coverage that carries a higher deductible.

Learn how easy and convenient shopping for health insurance can be. Get your free health insurance quotes today!

Posted: October 16, 2009

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