Dallas health insurance costs continue to rise despite the Affordable Care Act being passed 12 years ago this March. According to a report by the Commonwealth Fund, health insurance premiums and deductibles for Americans with employer-sponsored coverage accounted for 11.6% of median income in 2020. While that may not sound like much, the report doubles down by pointing out that number is a whopping 9.1% increase from when the ACA was introduced in 2010. In layman’s terms, this means that healthcare costs are eating up a larger amount of typical household budgets for these families.
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A report by Yahoo! Finance in January confirmed that these costs make up 10% or more of income. This includes individuals and families with health insurance in Dallas. “The findings are a stark reminder of what we already know — that healthcare costs are rising more quickly than the income for working families,” Sara Collins, vice president for health care coverage and access at The Commonwealth Fund, told Yahoo Finance, “which means health care costs are taking up a larger and larger share of household budgets.” The article added that National health expenditures reached $4.1 trillion in 2020 and are projected to grow an annual average of 5.4% between 2019-2028, according to the Centers for Medicare and Medicaid (CMS).
Rick Thornton, a Dallas health insurance agent , echoed the Yahoo Finance! article by saying that the Affordable Care Act requires insurers to prove they’re spending at least 80-85% of premium dollars on medical care. By doing this, insurers have an incentive to raise costs. Essentially, premiums are going up because the cost of care is increasing. Thornton added that time will tell how this will continue to impact the millions of Americans who need quality health insurance that they can afford.
Insurance4Dallas, (I4D), helps insure all of Texas, Oklahoma, Arkansas, Arizona, Louisiana, New Mexico, Alabama, Virginia and Florida. Insurance4Dallas provides consumers with detailed information on health insurance with the ability to purchase health insurance online. Insurance4Dallas provides a full spectrum of health, dental, vision, life and ancillary insurance products, providing a diverse selection of price and benefit options complemented by personal customer service. Available via phone, email or fax, Insurance4Dallas answers consumer questions throughout the purchasing process and during the utilization of its health insurance policies.
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