As open enrollment season kicks off, here are six insurance industry trends for healthcare consumers and professionals to know, according to Denver Business Journal.
1. Premiums on the rise. The average policy premium will increase by approximately 6 percent in 2017 for employees, according to the National Business Group on Health.
2. Health Savings Accounts continue to grow in popularity. More than half of employers surveyed by NBGH said they plan to offer high-deductible health plans with a HSA as an option in 2017.
3. Cost-sharing shifts financial burden to consumers. Employers, commercial insurers and government payers continue to shift a great portion of cost-sharing on to policyholders to keep premiums low and manage healthcare spending.
4. New controls on healthcare spending. Expensive, specialty drugs garnered serious negative attention in the media this year. About 90 percent of employers told NBGH they plan to install programs to manage specialty drug costs. These include shifting drug coverage to large pharmacy benefit firms or infusing drugs at patients' homes rather than in hospital settings.
5. The rise of telemedicine. Improvements in wearable devices and portable diagnostic technologies, combined with increased interest in telemedicine among a younger demographic, has encouraged 90 percent of employers to add telehealth services to their coverage in 2017, according to NBGH.
6. Focus on wellbeing. Employers are increasingly implementing financial reward programs designed to encourage employees to make lifestyle and behavioral changes.