Page 16 Medical & Healthcare Expert Guide 2019
P. 16
Expert Guide |
Litigation & Dispute Resolution 2018
16
What are the consequences of continued
spiralling costs in health insurance
premiums for clients?
We see more cost-shifting of insurance
premiums from the employer to the employee.
Some employees merely opt-out due to
affordability. High deductible plans with out
of pocket maximums exceeding $8,000 are not
uncommon these days. Even if the employer
covers most of the cost for the employee, many
employees will go without care because they
can’t afford to go to the doctor. Even with
insurance, people can’t afford to use it. That is
the most significant consequence.
What challenges does the diminishing pool
of insurance companies and plans pose?
With fewer choices, there is not much
competition. Also, people in rural areas
are faced with limited options resulting in
travelling far to seek care. Insurance companies
who dropped out of the individual market due
to the Affordable Care Act must wait five years
before entering back into that space. We slowly
see some come back, but not enough.
Given the challenging landscape, how can
you utilise your knowledge and experience
to ensure clients get the most suitable and
cost-effective solutions possible?
I think the reason our pipeline is always full
is due to our out of the box thinking and
passion for helping others. When you face
this with empathy you
will
find a way. I make
it my mission to never stop learning different
strategies. It starts with identifying each
business and individuals’ unique needs. Since
no one is the same, there are many ways to
teach consumers. But this approach takes time,
patience, tenacity, and willingness from the
consumer. I’m happy to say that most of the
time I end a first time call with the prospect
saying, “wow, you just made me feel so much
better.” The knowledge and experience I’ve
gained over the years does give me a way
to simplify the complicated and alleviate
unnecessary stress.
How frequently should individuals and
companies assess their existing coverage?
Businesses should look regularly. Things are
always changing, whether in their business or
the evolving plan choices. So anytime is a good
time for a ‘check-up’.
Individuals are a little different due to the open
enrolment periods. With marketplace plans
that include tax credits and cost-sharing they
are usually in the best place, especially if they
have pre-existing conditions. However, if they
pay full price and do not have pre-existing
conditions, they should invest some time to
learn about all their options now and watch for
changes.
The sky is the limit if you are a moderately
healthy person/family. Continued education
and research are powerful. I would encourage
businesses and individuals to have an open
mind and be attentive to the current events
taking place.
In recent years, we have seen health insurance premiums in the United States rise to eye-watering levels whilst the range of plan options
has diminished significantly. In 2019, the average annual premium for employer-based family coverage rose five per cent to $20,576 and
for single coverage, premiums rose four per cent to $7,188. This follows an upward trajectory that has seen a healthcare insurance price
hike of 54% since 2009 and 22% since 2014.
1
Founded in 2006, Texas-based independent boutique insurance agency Tanya Boyd & Associates are specialists in finding solutions to
meet the unique needs of every business owner and individual they speak with, concerning their health plan options. Over the years
they have changed and adapted to the evolving market conditions and found new and innovative ways to ensure the best end result. We
spoke to President and CEO Tanya Boyd to find out more.
Getting the best deal in the U.S.
healthcare insurance market
An interview with
Tanya Boyd (Tanya Boyd & Associates)
www.tanyaboydassociates.com |
tanya@tanyaboydassociates.com | +1 972 203 8180
Litigation & Dispute Resolution 2018
16
What are the consequences of continued
spiralling costs in health insurance
premiums for clients?
We see more cost-shifting of insurance
premiums from the employer to the employee.
Some employees merely opt-out due to
affordability. High deductible plans with out
of pocket maximums exceeding $8,000 are not
uncommon these days. Even if the employer
covers most of the cost for the employee, many
employees will go without care because they
can’t afford to go to the doctor. Even with
insurance, people can’t afford to use it. That is
the most significant consequence.
What challenges does the diminishing pool
of insurance companies and plans pose?
With fewer choices, there is not much
competition. Also, people in rural areas
are faced with limited options resulting in
travelling far to seek care. Insurance companies
who dropped out of the individual market due
to the Affordable Care Act must wait five years
before entering back into that space. We slowly
see some come back, but not enough.
Given the challenging landscape, how can
you utilise your knowledge and experience
to ensure clients get the most suitable and
cost-effective solutions possible?
I think the reason our pipeline is always full
is due to our out of the box thinking and
passion for helping others. When you face
this with empathy you
will
find a way. I make
it my mission to never stop learning different
strategies. It starts with identifying each
business and individuals’ unique needs. Since
no one is the same, there are many ways to
teach consumers. But this approach takes time,
patience, tenacity, and willingness from the
consumer. I’m happy to say that most of the
time I end a first time call with the prospect
saying, “wow, you just made me feel so much
better.” The knowledge and experience I’ve
gained over the years does give me a way
to simplify the complicated and alleviate
unnecessary stress.
How frequently should individuals and
companies assess their existing coverage?
Businesses should look regularly. Things are
always changing, whether in their business or
the evolving plan choices. So anytime is a good
time for a ‘check-up’.
Individuals are a little different due to the open
enrolment periods. With marketplace plans
that include tax credits and cost-sharing they
are usually in the best place, especially if they
have pre-existing conditions. However, if they
pay full price and do not have pre-existing
conditions, they should invest some time to
learn about all their options now and watch for
changes.
The sky is the limit if you are a moderately
healthy person/family. Continued education
and research are powerful. I would encourage
businesses and individuals to have an open
mind and be attentive to the current events
taking place.
In recent years, we have seen health insurance premiums in the United States rise to eye-watering levels whilst the range of plan options
has diminished significantly. In 2019, the average annual premium for employer-based family coverage rose five per cent to $20,576 and
for single coverage, premiums rose four per cent to $7,188. This follows an upward trajectory that has seen a healthcare insurance price
hike of 54% since 2009 and 22% since 2014.
1
Founded in 2006, Texas-based independent boutique insurance agency Tanya Boyd & Associates are specialists in finding solutions to
meet the unique needs of every business owner and individual they speak with, concerning their health plan options. Over the years
they have changed and adapted to the evolving market conditions and found new and innovative ways to ensure the best end result. We
spoke to President and CEO Tanya Boyd to find out more.
Getting the best deal in the U.S.
healthcare insurance market
An interview with
Tanya Boyd (Tanya Boyd & Associates)
www.tanyaboydassociates.com |
tanya@tanyaboydassociates.com | +1 972 203 8180
