Here are just a few reasons why medical insurance costs constantly rise.

We are often asked why prices go up regarding medical insurance. Medical trend, also known as medical inflation, is rising for several reasons:

1. Emerging technology. Sure, we love step trackers, but technology can do a lot more. Imagine a device that can allow you to monitor your diabetic child’s blood sugar levels so you can avoid costly expenses. Another example is that the DaVinci robot is already assisting in surgeries.

"New laws constantly increase complexity and drive up costs."

2. Expensive prescriptions. For example, a common osteopetrosis treatment costs about $4,700 for each session, often two or three times per week.

3. Insurance compliance and complexity. There are always new laws being created at the state, local, and federal levels that are constantly driving up complexity and cost.

4. Labor costs. These are built into the healthcare system so anytime there is a change in labor requirements, it ultimately ends up in higher costs for consumers and insurance companies.

5. COVID-19. This pandemic is adding $38,000 on average to those unfortunate enough to contract it and become hospitalized.

I hope you found this information valuable. If you have any other specific questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you.