New York, New York (PRWEB) August 28, 2012
For many years, many Americans with full-time employment have been able to meet the medical needs of themselves and their families with coverage supplied by one main health insurance policy. While these policies are still bundled in with many employee benefits packages, many are finding that existing coverage is not enough to address additional costs that come with illness. A recent article from CNBC comments on this problem and notes that citizens are now using supplemental policies to gain additional coverage and fill in gaps among current policies. Aaron Beaston Blaakman is an expert in health care finance and explains the reasons behind this trend.
According to Aaron Beaston Blaakman, the health care market is changing; not only are patients being faced with additional financial burdens, but providers are also searching for ways to fund growth. Blaakman explains, “As the market for health insurance shifts to balance higher health care costs and the needs of patients, inevitably, cost-sharing will be required through supplementary plans. In the past, many enrollees expected most, if not all health services to be covered within a given plan. As the CNBC article indicates, the consumer must now be much savvier about the market for health care plans, balancing risk, need and cost.”
Although these supplemental policies are driven by a high deductible, many feel that paying extra is a great way to reduce financial risk if an accident or chronic illness occurs. According to industry analyst LIMRA, “overall [supplemental insurance] sales rose 11 percent between 2011 and 2012, with critical illness sales jumping by 23 percent and accident plans by 21 percent.” Aaron Beaston Blaakman observes that this growth is only expected to increase, as patients become more aware of their individual needs and costs.
With customization in mind, the article warns consumers against making supplemental insurance purchases without proper research. The article suggests that policyholders beware of bundled packages and to make sure that the coverage is comprehensive enough without over-estimating the needs of the patient. CNBC also recommends that to plan for the high deductible associated with these health plans, policyholders should also contribute to a Health Savings Account. In addition, Aaron Beaston Blaakman suggests, “A year-to-year approach—balancing the variety of relevant factors—would probably be the best strategy for most consumers.”
Aaron Beaston Blaakman, a health financing and health costing professional, has worked in countries around the globe, including the United States, Malawi, Kenya, Zimbabwe, Rwanda, Republic of Congo, Afghanistan, Lao PDR, Iraq, and more. Aaron Beaston Blaakman, who is fluent in the both English and French languages, has the tools necessary to successfully interact with people from various cultures, countries and backgrounds. Additionally, his work has allowed him to partner with international organizations, local governments, and other entities to produce health-costing solutions.