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Healthcare costs increasing for insurance companies

Posted On Fri, October 28, 2011

A recent report from S&P Indices showed that health insurance companies witnessed an increase in healthcare costs during the past year.

The S&P Healthcare Economic Composite Index noted that per capita health insurance costs increased by more than 5.7 percent from August 2010 to the same month in 2011. In addition, commercial insurance costs jumped by nearly 7.9 percent during that time period, However, Medicare costs dropped from an annual growth rate of more than 8 percent in 2009, to a current rate below 2.2 percent.

"As the summer of 2011 ended, we continued to observe the recent trend of a deceleration in the annual growth rates of Medicare costs and a sustained acceleration in the annual rates of commercial healthcare costs," says David Blitzer, chairman of the Index Committee at S&P Indices.

Consumers who want health insurance, but are worried about rate increases, may want to compare health insurance rates now and pick the best option. This could benefit them in the long run, due to the uncertainty surrounding healthcare reform.

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