Deductibles Rising Six Times Faster Than Wages

Deductibles Rising Six Times Faster Than Wages

According to a new report by the Kaiser Family Foundation, health insurance deductibles have risen more than six times faster than the average wages of the American worker since 2010.

As a result, most employees who have coverage through their employer now pay a high deductible that means that they are ones who now accept a large portion of the cost. For those employees, deductibles for an individual plan rose from a yearly average of $900 in 2010 to $1300 this year, the analysis found.

Drew Altman, the chief executive of the health policy research group, referred to this behaviour as a new, “powerful trend”. And it’s not just regular employees suffering - for small businesses, the average deductible for workers is even higher, reaching $1800 a year. In addition, one in five workers have a deductible of $2000 or more, The New York Times reported.

For my practice, this is unfortunate because we don’t know what a patient’s relationship with their insurance provider is. Subsequently, it makes it difficult for us to assess their financial capability and assist them if they are having a hard time paying their deductibles. In the future, we hope to gain greater clarity, and see this trend subside in order for us to help our patients better.

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Dr Pena

About The Author

Dr. Pena is a Board-Certified Medical Dermatologist, Mohs skin cancer surgeon, and cosmetic dermatologist. Her mission is to educate the diverse patient populations she serves, and their communities, on the importance of skin care in decreasing the risk of skin cancer and minimizing the early signs of aging. She founded Skin Solutions Dermatology with numerous clinics in Nashville, Tennessee and surrounding Middle Tennessee.

Dr. Julia Pena, MD