Affordable Health Insurance With Labels
Posted on June 30th, 2011
Just as food requires nutrition labels and cars require sticker prices, health care plans will soon require easy to understand labels for consumers shopping around for health insurance. According to the article “New Labels Will Soon Help Consumers Choose Health Plans by Susan Jaffe on the LATimes.com, consumers will be able to get a good idea of the costs varying plans will cover for maternity, diabetes and breast cancer. The proposed insurance labels will be approximately two pages long due to the complexity of health plans.
Affordable health insurance with maternity coverage, diabetes coverage and breast cancer coverage can be challenging to find and often the consumer isn’t even sure what is offered in a particular plan. The labels will offer pricing based on national averages and starting off only these three medical scenarios will be listed. Sabrina Corlette, a research professor at Georgetown University’s Health Policy Institute in DC is helping to produce these labels and says that currently there is no easy way for consumers to figure out what their premiums are going to be. The implementation of the labels should help.
The value of a plan lies in the particular needs of the consumer but in many cases consumers shopping around have no way to compare the costs of one type of treatment against another. The “coverage facts label” will be required under health care reform and the National Association of Insurance Commissioners are to direct the drafting. State insurance regulators, industry representatives, and consumer advocates are working together to bring together a draft of the labels to ensure they provide all the information in a smooth format.
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Tags: Health Insurance, Labels
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