How the Presidential Candidates Plan to Control Health Care Costs

Per capita, the United States spends more on health care than any other developed country. Despite growing awareness over the issue, new reports show the numbers are getting worse. According to the Health Care Cost Institute’s 2018 Health Care Cost and Utilization Report, average health care spending for people with employer-sponsored insurance rose to an all-time high in 2018, costing $5,892 per person annually. From 2014 to 2018, total annual spending per person increased 18.4%. Average out-of-pocket spending increased to $907 per person annually.

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Open Enrollment 2020 Reflection

Open enrollment officially ended on December 18. The original closing date was December 15, but on this last day, the website glitched, preventing consumers from enrolling. This was the second time the site glitched during the enrollment period. During the first day of open enrollment on November 1, consumers also had trouble enrolling prompting members of Congress to write a letter to Administrator Seema Verma of Centers for Medicare and Medicaid Services (CMS).

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Long-term Benefits Outweighs Risks of Running an SBM, Report Finds

A growing number of reports have showed it is in states’ interests to run their own health insurance marketplace.  

Most recently, a report from the Urban Institute and the Georgetown Center on Health Insurance Reforms uncovered the primary factors driving states to switch from the HealthCare.gov platform to a full state-based marketplace (SBM). The authors of the report spoke with 22 stakeholders from Nevada, New Jersey, New Mexico, Oregon and Pennsylvania—all states transitioning to an SBM model—to gather evidence 

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Waste Accounts for 25% of Health Care Spending. Addressing Fraud and Abuse Can Help.

It already hurts to hear that the United States spends more on health care than any other country, with costs approaching 18% of the gross domestic product and more than $10,000 per individual.

A report published last week in The Journal of the American Medical Association makes those numbers even more painful as it reveals the estimated cost of waste in the United States ranges from $760 billion to $935 billion, accounting for approximately 25% of total health care spending. This amount exceeds national military spending, as well as total primary and secondary education spending.

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The Rise of Healthcare Payment Innovation

As healthcare undergoes a rapid digital transformation, we can expect to see the modernization of outdated payment models. The consumer demand for payment convenience has become a top priority for insurers, carriers, and all businesses in the healthcare industry. While selecting health insurance based on health status is important, consumers are also shopping for a plan that fits their digital lifestyle.  

Here’s how Softheon is paving the way in payment innovation: 

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