Since the advent of the Affordable Care Act, also known as ObamaCare, many Americans have been forced into high-deductible health insurance plans. This is a result of ObamaCare forcing many Americans into ACA compliant plans and surrendering their old plan, which may have had a no deductible low copayment plans.
As of now thirty-seven million Americans have been enrolled into these high deductible plans, and from data collected by PricewaterhouseCoopers, a multinational professional services network, these plans are becoming more sought-after due to the lower premium. On the downside, those enrolled in high-deductible plans will pay for most of their health related expenses out of pocket.
As alarming as this truth seems there is some good to come from it. As policy holders will inevitably be forced to pay more for their conventional care costs directly, providers will be pressured to acquire and keep their business; this unintended consequence stands to reconstruct the health-care industry into one that is competitive and more affordable. According to a Wall Street Journal article, only 11% of the $3 trillion spent on healthcare in the U.S. is spent directly by patients, but this upsetting figure is changing with progress being made by innovative companies like CVS Pharmacy that aim to bring discounted healthcare services to patients. Other steps can be taken to help the consumer. According to the same Wall Street Journal article, “advocates of consumer-directed health care suggest that much of the money saved in premiums–high deductible plans can be thousands of dollars less expensive than comprehensive plans–be put into health-savings accounts to help pay for routine care.” This suggestion is wise as health savings plans have the potential grow into large reservoirs of capital that can off set the costs of conventional care. ObamaCare has changed the world of health insurance in many ways, and although we applaud the law for making it easier for those with pre-existing conditions to get the healthcare they deserve, we question whether forcing people to pay more for their health care out of pocket is the best way forward.