TL/DR –
North Carolina has been marked as the state with the most expensive healthcare in the US by Forbes. Experts have suggested several steps that the state’s leaders could take to lower healthcare cost, including ending hidden fees and charges, addressing surprise out-of-network bills, tackling drug costs and saying no to mandates. High healthcare costs impact everything from hiring and wages to retirement savings, and bipartisan cooperation is needed to address this issue.
North Carolina Discusses Healthcare Cost Reduction Amidst Divided Government
Despite a divided government in North Carolina, with a Democratic governor and GOP-controlled General Assembly, there is a common goal of reducing healthcare costs. According to Forbes, North Carolina has one of the highest healthcare costs nationwide. The healthcare charges on businesses and families directly correspond to the fees for doctor visits, hospital care, or prescription medications.
Understanding Health Insurance Premiums
Legally, 80% to 85% of health insurance premiums must be used for healthcare costs. If a healthcare insurer fails to use at least $800 of a $1,000 premium on healthcare, customers receive a rebate, resulting in lower premiums.
Strategies to Lower Healthcare Costs
As lawmakers aim to reduce healthcare costs, here are some essential steps:
1. End Hidden Fees and Charges
Hidden hospital fees at independent practices owned by hospitals inflate the costs by billions. Consumers shouldn’t pay these fees if they aren’t utilizing hospital services.
2. Address Surprise Out-of-Network Bills
Surprise out-of-network bills arise from various situations, including disputes between hospital systems and health insurers, labs sent to out-of-network facilities, and in-network hospital patients served by out-of-network doctors. North Carolina law mandates that hospital systems and provider groups be paid their requested fees, leading to inflated premiums.
3. Tackle Drug Costs
Prescription drugs take up nearly a quarter of health insurance charges. State lawmakers can reduce these costs by expanding the use of coupons offered by pharmaceutical companies to patients with commercial insurance, regardless of deductible status.
4. Say No to Mandates
Mandates increase healthcare costs. Proposals have surfaced this year for a new pharmacy tax paid for every prescription filled and mandates forcing consumers to pay for redundant or overpriced medical services. Although not enacted, the impact of such mandates should be studied before implementation.
Addressing high healthcare costs can alleviate the financial strain on businesses and families, enabling better distribution of resources for wages, hiring, and retirement savings. It’s crucial for the divided government to find bipartisan solutions to lower healthcare costs for everyone’s benefit.
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