Inflation and why health coverage is more important than ever

When we think of inflation as we are currently seeing the highest levels in 30 years. We typically think of day-to-day expenses, food, goods, electricity, gas, etc. What we don’t think of is inflation as it pertains to our medical costs. Yes, that’s right our medical cost. For the last decade, health care prices have consistently grown at roughly a rate of 1 percent to 2 percent. Already, in the last 18 months, prices for hospital and physician prices have exceeded a 3 percent inflation rate. Although the percentage of increase is less than other sectors and consumer products. The same problems driving up prices in the rest of the economy — rising costs within the supply chain, difficulty finding workers for open jobs — are issues in the health care sector too. The workforce crisis in particular is acute and not likely to go away any time soon, given how many nurses and doctors have left their jobs during the pandemic. As a result of these things, it is now more important to make sure you have quality health coverage. Not only quality health coverage but make sure you speak to a licensed agent prior to making a decision when it comes to coverage & not just picking the first plan you see or the most affordable option. Decisions like that can leave you vulnerable to a lot of out-of-pocket exposure. More now than in recent years as a continual rise in healthcare costs. With rising medical costs, the uncertainty of the pandemic, shortages of other goods, having quality health coverage is more important than it has ever been. Reach out today & speak to a licensed agent to discuss your situation, needs, and options.