Important Health Insurance Trends You Need to Know About

Important Health Insurance Trends You Need to Know About

Getting preventative care or medical treatment for an ailment is something most people do without much thought. Over 90 percent of American consumers have a health insurance policy. With these policies, individuals are able to get the care they need to live a happy and healthy life.

If you have a health insurance policy, you need to be aware of the various trends currently invading this market. Knowing this information can help you make better decisions moving forward regarding your policy and whether or not it needs to be replaced.

Read below to find out more about health insurance trends and why they are important.

Health Insurance Providers are Collecting More Data

Modern consumers produce lots of data. In fact, around 2.5 quintillion bytes of data are produced on a daily basis. Collecting and analyzing this data is something larger businesses have been doing for years in an attempt to predict consumer trends. In the past few years, more health insurance providers have started increasing their data collection and analysis efforts.

By collecting data on their customers, health insurance companies are able to predict how likely a person is to use the benefits of their policy. Knowing how high-risk a particular client helps an insurance company properly adjust things like coverage and premiums.

Some consumers hear about a company collecting data on them and immediately get fearful. This is due in part to the countless data hacks that have occurred over the past few years. Luckily, health insurance providers and practitioners have to abide by strict HIPAA standards when collecting consumer data. These regulations help to keep this data safe and secure, which should put your mind at ease.

More Medicare Advantage Options for Seniors

In the past, the number of Medicare Advantage plans consumers have to choose from was very limited. Over the past few years, more startups and insurance giants have started to enter the Medicare Advantage market. This has resulted in nearly 600 new plans being added in 2019 alone. This means consumers have nearly 3,800 Medicare Advantage plans to choose from.

Not only are there more plans to choose from, these options are also coming in all shapes and sizes. Typically, consumers were only able to choose from traditional PPOs or HMOs, but this is starting to change. Two new specialty plans, the special needs plan (SNP) and the high-deductible Medicare Savings Account (MSA) are now available.

The MSA has been designed to attract younger and healthier adults who need affordable healthcare coverage. The SNPs are tailored to fit the needs of people living with conditions like coronary artery disease, diabetes, and other chronic ailments.

The Rise of Wearables and Smart Technology

Most health insurance providers and practitioners are always looking for new ways to collect data from consumers. While allowing these consumers to fill out questionnaires and surveys is helpful, it does not provide these professionals with the information they need to customize care options. This is why many health insurance companies and doctors have started outfitting patients with wearable technology.

With these devices, professionals are able to find out important information like how much daily exercise a person is getting and how well they are sleeping. Getting this type of personalized information is essential when trying to find and diagnose health problems early on.

While you may be hesitant to provide this information to your healthcare provider, it can actually benefit you in the long run. If your insurance company sees just how healthy you are, they may lower premiums, which is always a good thing. The practice of using wearable technology is not exactly common at the moment, but it is definitely growing in popularity. If you are interested in seeing how this technology can benefit you, be sure to discuss wearable technology options with your doctor or health insurance provider.

Work on Using All of the Benefits of Your Health Insurance Policy

If you are like most people, you spend a good deal of money on your health insurance. Rather than dreading a doctor’s visit, you need to embrace the benefits your policy provides. With the help of your doctor and the latest technology, you can stay healthy for years to come.

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