Why your health insurance premiums and deductibles will probably increase in 2024


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Today, let's chat about the increase in health insurance premiums and deductibles and why you're likely going to hear everyone talk about it.

Changes to can be attributed to several factors:

Medical Inflation

Medical inflation refers to the phenomenon where the cost of medical services, treatments, and technologies gradually increases over time. This can be attributed to various factors, including significant advancements in medical research and the continuous introduction of new technologies that have revolutionized the healthcare industry.

The rising demand for healthcare services, driven by factors such as population growth and an aging population, has contributed to the need for constant innovation and improvement in the field. All these factors combined have led to remarkable progress and a continuous strive for excellence in the healthcare sector.

As these costs continue to rise, insurance providers are faced with the challenge of covering their expenses. To do so, insurers often find themselves compelled to raise premiums and deductibles, thereby passing on a portion of the increased costs to the policyholders. This, in turn, can impact the affordability and accessibility of healthcare for individuals and families.

High cost of treatments

Certain medical treatments, like cancer treatment, are known for their exorbitant expenses. This is primarily due to the intricate nature of the disease and the utilization of advanced technologies and medications.

When individuals require these medical treatments, the costs incurred can create a substantial financial burden for insurers. This is because the expenses associated with specialized procedures, advanced medications, and prolonged hospital stays can quickly accumulate. As a result, insurers need to carefully evaluate the coverage and pricing of such treatments to ensure the financial stability of their plans and provide affordable options for their policyholders.

Consequently, this burden often results in higher premiums for all policyholders, as insurers strive to provide comprehensive coverage for these critical healthcare services while managing the associated expenses.

Increase in health awareness

As adults in the United States become increasingly conscious of their health and overall well-being, both physically and mentally, they are more inclined to prioritize and invest in their healthcare. This includes seeking regular check-ups, preventive care, and utilizing healthcare providers, dental services, and vision insurance to a greater extent.

With the rise in preventive measures being taken to combat various health issues, such as routine check-ups, vaccinations, and screenings, there is an increasing burden on health insurance providers to comprehensively cover these costs.

In an era where individuals and societies are placing greater emphasis on proactive healthcare, it becomes increasingly crucial for health insurance plans to adapt and offer comprehensive coverage for preventive services. As a result, these insurance providers are spreading the cost of this increased awareness across all their members, ensuring that the benefits of proactive healthcare are accessible to a wider population.

Government policy

Policies like Medicare and Medicaid, which are government healthcare programs, play a significant role in shaping healthcare costs. These programs provide coverage for millions of individuals, particularly the elderly, low-income individuals, and those with disabilities. When these policies result in increased expenses for healthcare providers, such as hospitals and doctors, it can ultimately impact consumers by leading to higher premiums and deductibles.

This occurs because healthcare providers often pass on these increased costs to insurance companies, who in turn pass them on to consumers. Therefore, it is important to consider the broader implications of these policies on the overall healthcare system and the financial burden it may place on individuals seeking medical care.

This cost burden may also affect the accessibility and affordability of healthcare services for individuals and families. So, it's crucial to understand the complex link between government policies, healthcare providers, and consumers when it comes to dealing with the costs of healthcare.


During periods of general economic inflation, when the overall prices of goods and services rise, the cost of healthcare also tends to increase. This occurs because healthcare expenses are influenced by various factors, such as the rising costs of medical supplies, advanced technologies, and the demand for healthcare services.

As a result, individuals and families may experience higher healthcare costs, making it crucial to consider healthcare expenses when planning for future financial needs.

This can result in higher premiums and deductibles for individuals, as healthcare providers and insurance companies need to adjust their pricing to account for the rising costs.

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