|Page (1) of 1 - 11/08/11||email article||print page|
Simplee Q3 Out of Pocket Spending Report: Rising Costs, Unclaimed HSA Savings, and Open Enrollment FactorsSimplee Finds Families Will Spend 19% More in Out of Pocket Costs in 2011, Could Save Extra $250 With Health Savings Account (November 08, 2011)
SAN MATEO, CA -- (Marketwire) -- 11/08/11 -- Simplee, the best way to save money on medical bills, released its 2011 Third Quarter "Health Care Spending in America: Out of Pocket Spending Report" today with a special focus on the 2011 open enrollment period. The report shares findings from the more than $100 million in health care expenditure and hundreds of thousands of doctor visits within Simplee's database every quarter as representative of larger health care cost trends in America.
- The average family of four spent $832 in out of pocket expenses in Q3 2011, an increase of 6.6% from Q3 2010;
- The total projected spend for this same family in all of 2011 is $3,633, an increase of 19% over 2010;
- The average family of four spent $1,302 in insurance premiums in Q3;
- Of those Simplee members with high deductible plans, the average individual in-network deductible was $1,094;
- The average family of four will be billed a total of $15,512 in regularly priced medical care for 2011;
- That same family will only pay $8,841 in premiums and out of pocket costs.
"Premiums and out of pocket costs are increasing at an astounding rate, making it critical that families take control of their healthcare expenses and manage costs as efficiently as possible," said Tomer Shoval, CEO and co-founder of Simplee. "However, insurance remains an important protection with the average Simplee member receiving a 43% discount from regularly priced medical expenses by virtue of negotiated insurance rates."
Open Enrollment is the time period this year from October through December when the majority of Americans in employer sponsored health insurance plans can choose a new plan for the next calendar year. According to Simplee, the average family of four spends nearly $9,000 per year in total health care costs, making health care a significant annual budget decision for consumers. Unfortunately for many, it is a blind choice based on guesswork and vague estimates of possible medical expenses.
To help, every Simplee member receives a personalized Simplee Open Enrollment Report that compiles and evaluates his or her annual medical costs. Simplee members can use this report to carefully evaluate previous expenses and past insurer performance as a guide to future needs. On average, this year's Simplee member reports show that:
- Annual premiums ($5,208) are more expensive than out of pocket costs ($3,633);
- The average family has only spent 25% of their deductible by the start of Q4 2011;
- Those families without an HSA could have saved an extra $250 per year with one.
"With the average family falling 75% short of their deductible this year, it is tempting to recommend they move to a lower deductible plan," explained Shoval. "However, people must account for the high percentage cost of premiums by comparing the total of premium and out of pocket costs before changing plans."
For more information on Simplee and how to take control of your healthcare expenses, or to become a member and create your own customized Simplee Open Enrollment Report, please visit http://www.simplee.com. For a full version of the Simplee Health Care Spending in America report, please contact Simplee directly.
Simplee is a privately held company that empowers consumers to take control of their health care expenses. The free, web-based service helps users better understand and manage their health care expenses, and identify ways to save money and find better care at lower costs through an easy-to-use, simple dashboard with a set of powerful customization tools. The company is located in Palo Alto, California, and maintains a development center in Israel. For more information visit: http://www.simplee.com.
Copyright @ Marketwire
Related Keywords: Simplee, Israel, Marketwire, , Insurance, healthcare, Surgery, Physician, Insurance Companies, Discount, Medical, Family,