Did you know that nearly 10,000 people will turn 65 every day for the next 19 years and the Medicare eligible population will double by 2020 thus increasing the demand for health care? Needless to say, this will have severe impacts on an already stressed healthcare system. Here are some additional considerations:
1. In January of 2014 the Affordable Care Act was implemented which significantly expanded access to healthcare. We expect that expansion to continue over the next several months which will flood nearly 32 million Americans into the system.
2. Cost shifting will likely occur from the public to private sector through various strategies such as taxes and entitlement reforms all designed to offset Medicare.
3. Fewer physicians will be available due to increased compliance and competition which will result in decreased access to care and increased indemnity costs creating delays in getting workers back to work while driving pharmaceutical costs up.
The reality is the next few years are going to be tricky and difficult to navigate. A good question to be asking in light of these changes is, “What will this mean for workers compensation rates? At Beimdiek, our expert team has the skills to start helping you ask the right questions. We want your organization to be prepared for changes. We’d love to hear your business concerns so give us a call.