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 Fact Check: What is Driving Premium Increases?
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Fact Check: What Is Driving Premium Increases

 Insurance is still going to be expensive because healthcare is expensive. 
-- Gary Claxton, VP, Kaiser Family Foundation
(Reuters, 06/21/2010) 

Underlying Medical Costs Drive Premium Increases

 

 Federal government data confirms that rising health care costs are driven by increased spending on hospital care, physician services, and prescription drugs.  The government data[i] shows:

  • Hospital spending growth is projected to have accelerated from 4.5 percent in 2008 to 5.9 percent in 2009, as spending reached $760.6 billion.

  • Spending growth for physician and clinical services is expected to have accelerated to 6.3 percent in 2009, up from 5.0 percent in 2008, with expenditures having reached $527.6 billion.

  • Prescription drug spending is expected to have grown 5.2 percent in 2009, an acceleration of 2.0 percentage points from 2008, and to have reached $246.3 billion.

 

Between 2000-2008, the growth in premiums tracked directly with the growth in benefits.

 
 
 
 
 
2000
 
 
 
2008
 
 
 
2000-2008 Growth
 
PHI* Premiums
 
454,784
 
783,157
 
72%
 
PHI* Benefits
 
402,802
 
691,179
 
72%
 
(see table 12)
Note: PHI = Private Health Insurance as defined by CMS
 
 
*****
 

Health Plan Administrative Costs are Not the Cause of Premium Increases

Health plan administrative costs increased at a slower rate than spending on prescription drugs, physicians and clinical services, hospitals, and total national health expenditures from 2000-2009.

 
 
 
 
 
 
Item
 
 
 
 
2000
 
 
 
 
2009
 
 
 
 
% Increase
 
 
Prescription Drugs
 
 
120,580
 
 
246,297
 
 
104.26%
 
 
Physician and Clinical Services
 
 
288,621
 
 
527,582
 
 
82.79%
 
 
Total National Health Expenditures
 
 
1,352,855
 
 
2,472,207
 
 
82.74%
 
 
Hospital Care
 
 
416,864
 
 
760,595
 
 
82.46%
 
 
Private Health Insurance Admin Costs
 
 
51,983
 
 
90,213
73.54%
 
 

In 2009, the percentage of premiums that went towards administrative costs and profits declined for the sixth year in a row.

 
 
 
 
Year
 
 
 
PHI* Total Premiums
 
 
 
PHI* Net Admin Costs
 
 
 
% Admin Costs
 
 
 
% Inc/Dec of Admin
 
 
2009
 
 
808,740
 
 
90,213
 
 
11.15%
 
 
-5.02%
 
 
2008
 
 
783,157
 
 
91,978
 
 
11.74%
 
 
-5.70%
 
 
2007
 
 
759,660
 
 
94,610
 
 
12.45%
 
 
-2.59%
 
 
2006
 
 
727,585
 
 
93,021
 
 
12.78%
 
 
-3.14%
 
 
2005
 
 
691,001
 
 
91,208
 
 
13.20%
 
 
-0.62%
 
 
2004
 
 
646,128
 
 
85,814
 
 
13.28%
 
 
-2.81%
 
 
2003
 
 
604,598
 
 
82,620
 
 
13.67%
 
 
9.78%
 
 
2002
 
 
551,014
 
 
68,590
 
 
12.45%
 
 
9.40%
 
 
2001
 
 
497,692
 
 
56,631
 
 
11.38%
 
 
-0.45%
 
 
2000
 
 
454,784
 
 
51,983
 
 
11.43%
n/a
 
 

The average yearly increase in health plan administrative costs from 2000-2009 was lower than the increase in spending on hospitals, physicians and clinical services, prescription drugs, and total national health expenditures.

 
 
 
 
Item
 
 
Ave. %
 
 
Increase '00-'09
 
 
Ave. % of Total NHE
 
Prescription Drugs
 
8.33%
 
9.99%
 
Physician and Clinical Services
 
6.94%
 
21.21%
 
Total National Health Expenditures
 
6.94%
 
N/A
 
Hospital Care
 
6.92%
 
30.63%
 
 
Private Health Insurance Admin Costs
 
 
6.63%
 
4.26%
 
 
*****
 

Health Plan Profits Average Between 3-5 percent

Insurance company profits in the large picture have very little to do with the overall rising cost of health care.
-- Henry Aaron, Brookings Institution
(ABC News, 11/10/09)

According to Yahoo! Finance’s latest analysis of quarterly financial data, the net profit margin for the entire health care sector is 15.48%.  Using the same index, health plans have a 4.7% net profit margin.

  •  This ranks the health insurance plan industry 12th out of the 16 industries that make up Yahoo! Finance’s health care sector. 

 

Analyzing 13 health insurance plan companies on the Fortune 500 list, the profit margin for these 13 companies averaged 3.19 percent for 2009 -- for 2008 it was 2.3 percent for these same 13 companies.

  •  Six of the 13 companies actually saw a decline in their profit margin - averaging a decline of 48.7% in profit margin from 2008 to 2009.

 

 What experts say about health insurance plan profits:

  • According to Kaiser Health News, “With the nation’s health care spending estimated at $2.5 trillion this year, even the elimination of insurers’ profits and executive compensation would lower health care spending by just 0.5 percent.”
  • According to Ezra Klein of The Washington Post “The insurance industry is not a particularly profitable industry…That’s not to pretend that 3.3 percent is nothing, but it’s hard to see how that’s a primary driver of health-care spending, much less the growth in health-care spending.”
  • Alwyn Cassil, Center for Studying Health System Change: “‘…this idea that (taking) this $12 billion that they have in profits … would fix our health-care spending problems is just a pipe dream.’”


[i] Truffer, et al, Health Affairs, “Health Spending Projections Through 2019: The Recession’s Impact Continues”, Published online February 4, 2010.)

 

 Understanding Health Care Costs
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This section offers information that we hope will give you a better understanding of some of the things that can add to the cost of your health coverage, generally referred to as “cost drivers.”

In addition, please click here to access Kaiser's "Health Care Costs Primer:  Key Information on Health Care Costs and Their Impact".

Health Plan Cost Drivers

Increases in your health plan premiums are “driven” by many outside influences.  To help you understand these drivers, we have listed some of them below.

  • General inflation
  • Increased utilization of services due to increased consumer demand, new medical treatments, more intensive diagnostic testing (due somewhat to the practice of defensive medicine), an aging population and increasingly unhealthy lifestyles
  • Price increases due to provider consolidations, increased costs of labor and higher priced technologies
  • Government mandated premium increases in the form of mandated offerings
  • Government mandated contract terms between private entities

It is these last two cost drivers that we personally can do something about - by asking our state policymakers to stop proposing legislation that would interfere in private contracts.

 

What is a “government mandated premium increase”?

This is an increase in your health plan premium, and if you have health coverage through your employer, an increase in your employer’s health plan premium, due to the government’s desire to mandate that certain items be included in your contract. This eliminates any negotiation between your employer and the health plan, forcing the item to be included, as well as, the costs associated with the item. These items are also sometimes referred to as “mandates.” Our state Legislature has mandated many items in past years – including forcing coverage for those who have been arrested to covering hairpieces. In fact, purchasers of health coverage in Oklahoma are currently required to pay for more than 20 mandates.

In addition, each of these mandates adds to your overall premium. How? Because the health plan must include the item in any product it sells to you and you are forced to pay for it. 

Another important component to consider is your employer’s ability to offer an “attractive” benefit package to employees. If the government mandates benefit packages, it makes it impossible for employers to be creative and use their benefit packages to appeal to their employees. For example, one local employer found a way to attract many new employees to his firm by offering fertility coverage. By having flexibility to choose that as a benefit, he has successfully hired several new employees and pleased many current employees by offering fertility coverage.

This negotiation allows you and your employer or health plan to put together a benefit package that is tailored to your needs. When this is allowed to happen in the market place consumers and employers are able to look at costs versus coverage and make the right decisions for their families and employees, rather than having only a “one package that fits all” approach.

A simple example:  Think of this as the government mandating that every time you go to the grocery store you are mandated to buy a rack of lamb – even if you don’t want or need it. The government has decided, perhaps based on the recommendation of those selling lamb, that every Oklahoman should have a rack of lamb.  Even if you don’t use the rack of lamb, you had to buy it and it has added to your overall grocery bill.

More relative to health coverage, you will see mandates proposed as technology becomes available – sometimes, before the technology is even proven effective. As an example, if a new lab test were discovered and the researchers said the lab test could detect a certain disease, those researchers may push for a mandate to pay for their tests – so they are guaranteed payment by the health plan. This mandate drives up the cost of your health care because now you have to pay for the test, as it must be added to your contract, before mandating that we include that lab test in your contract and before we pay for that lab test, we should stop, evaluate the test and be certain it is effective and not just an experimental treatment. 

This is advantageous to you. Why? Because as a member of a health plan you have the luxury of knowing that your health plan has done the research for you. The health plan’s medical directors have already poured over the medical journals and the studies to ensure that they are including as a benefit those procedures, tests and drugs that are proven effective. You don’t have to worry whether or not the lab test you undergo is effective – it will be if your health plan covers it. You wouldn’t buy a car and expect to do the crash-test ratings yourself – and you don’t expect that from your health plan either.

 

Suggestions:

  • Every mandate should be evaluated by an independent advisory commission to proactively evaluate the mandate’s impact based on accurate and unbiased data to ensure that it will result in improved care and value.
     
  • Every mandate should promote evidence-based medicine to ensure that quality is paramount and that the additional cost imposed by the mandate adds value.
     
  • Every mandate should be accompanied by a cost impact statement to identify the impact on the cost of health care.

 

What is “government intrusion in private contracts”?

Similar to government mandated premium increases, government intrusion in private contracts often results in a price increase to you and your employer, but it also results in the stripping away of your rights and benefits under your health plan.

Lately we have seen several of these intrusion attempts at the state Capitol. They may take the form of eliminating your health plan’s ability to negotiate with providers to secure a high quality, credentialed network of physicians, hospitals and labs for you to choose from. Network providers help to curb exorbitant premium increases by contracting negotiated (in most cases, reduced) reimbursement for medical care.

A simple example:  Think of this as the government interfering into your agreement with your neighbor’s son to mow your grass. In this scenario, perhaps the government has decided that if you want to change the date your grass is mowed, you must re-negotiate the terms of the contract before you can change the date. This intrusion into your contract eliminates your ability to respond to outside factors and adjust accordingly. It adds a burden to you that was not necessary.

More relative to health coverage, as a member of a health plan you have a vast network of physicians, labs and pharmacies to choose from. You know that any one of these providers has been credentialed by your health plan to ensure the best of the best are available to you. As the government begins interfering in these private contracts between your health plan and your provider, your health plan loses its ability to provide a robust network of providers for you.

Again, as a member of a health plan, you have the luxury of knowing that the billing, payments and day-to-day issues around your health care are being handled by your health plan, on your behalf. Your health plan is able to negotiate the best rates and contracts for you. Simply put, government intrusion into private contracts takes away the health plan’s ability to negotiate the best deal for you.