NORFOLK, Va. — Open enrollment season is approaching, and experts suggest there could be significant increases in health insurance costs next year.
According to a September Mercer report, the total cost of health benefits is set to go up by 6.5% next year — the highest increase experts say they've seen in 15 years.
Employees who get insurance through their employer could possibly feel the impact through paycheck deductions, as employers may shift more health care costs to staffers.
Marketplace customers could see premiums more than double next year if Affordable Care Act enhanced tax credits expire.
Experts recommend several strategies to help manage rising healthcare costs:
Ask your doctor for generic medications, which are usually less expensive than brand-name options.
Check to see if your employer has a health benefits program that offers money toward a health savings account.
If possible, opt into an HSA or FSA to help offset any additional medical costs.
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