Health Insurance Survey Binghamton NY

A new report from America's Health Insurance Plans (AHIP) says that health insurance premiums are growing at a reduced rate, despite increased use and higher costs, while health insurance plans' efforts are easing drug cost increases. The study found that premiums rose 8.8% between 2004 and 2005, which is 36% lower than the 13.7% increase in a similar report from 2002.

Local Companies

Columbian Mutual Life Ins Co
(607) 724-2472
Vestal Pkwy E
Binghamton, NY
State Farm Insurance
(607) 798-8846
100 Rano Blvd
Binghamton, NY
Medicare Part B Information-Blue Cross and Blue Shield of Wester
(607) 766-6000

Binghamton, NY
Russell Frederick C
(607) 722-8320

Binghamton, NY
State Farm Insurance
(607) 348-0470
353 Harry L Dr
Binghamton, NY
Kriner & Furlong Agency Inc
(607) 723-9484
484 Chenango St
Binghamton, NY
Pasquale Joseph L
(607) 723-8287
37 Front St
Binghamton, NY
Rogers Kevin
(607) 771-7254
192 Main St
Binghamton, NY
Allstate Insurance
(607) 772-8766
1154 Upper Front St
Binghamton, NY
Barton Sherry L Insurance Agency
(607) 722-6479
145 Riverside Dr
Binghamton, NY

Provided By:

Source: REMODELING Magazine
Publication date: April 1, 2006

By Nina Patel

A new report from America's Health Insurance Plans (AHIP) says that health insurance premiums are growing at a reduced rate, despite increased use and higher costs, while health insurance plans' efforts are easing drug cost increases. The study found that premiums rose 8.8% between 2004 and 2005, which is 36% lower than the 13.7% increase in a similar report from 2002. Higher use accounted for 43% of the rise, fueled by factors such as increased consumer demand, new and more intensive medical treatments and defensive medicine, as well as by aging and unhealthy lifestyles. Price increases in excess of inflation accounted for 30% of the rise and were impacted by movement among purchasers to broader-access health plans, provider consolidation, increased labor costs, and higher priced technologies.

Prescription drugs accounted for 16 cents of the premium dollar, and drug spending increased by 8.6%, which is lower than the double-digit jump of recent years. The report credited health insurance plans' prescription benefit tools and techniques with helping to slow drug spending.

The study, titled “The Factors Fueling Rising Healthcare Costs 2006,” was prepared for AHIP by Pricewaterhouse-Coopers.

Click here to read full article from Replacement Contractor

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