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Friday, May 23, 2014

Health insurance giants join hands to develop an informative and transparent portal

By Peter Hensen

U.S. healthcare information
Healthcare information helps with insurance decisions
The Health Care Cost Institute has announced that it has started working on the development of an online information portal that will provide relevant and valuable information regarding health insurance plans. 

It was also announced that three major health insurance companies, Aetna, Humana and United Health Care were supporting the Health Care Cost Institute in this initiative. For the time being, only 3 major health insurance giants have offered their support for the development of the informative portal, but the institute is expecting other major health insurance companies to offer their support in the near future.

The information portal is expected to be available to the general public by the end of 2014 or in the early 2015. Even though the insurance companies are providing support, the data available on the portal will be administered by the institute only. The institute has kept all the administrative rights to the portal so that the data available on the portal remains safe and relevant. Some other major insurance providers have expressed their desire to participate in the development effort and hence the institute is hoping that almost all major health insurance providers will become a part of the team by the end of this year.

All insurance companies participating voluntarily will also continue to provide the consumers with their own proprietary tools to assess the worth of their health insurance plans.

The portal is supposed to have all the relevant information regarding all the available plans and hence it is speculated that it will provide invaluable information to the consumers and will help them in making an informed decision regarding the selection of health insurance plans.

It is a known fact that the health care related expenses have been rising at a more aggressive rate as compared to the wages. According to the government findings, the health care costs have risen 3 times faster than the rise seen in wages. Another estimate states that by the end of this decade, the U.S. health care spending will account up to 4.7 trillion Dollars. This is 80 percent more than what was spent during the year of 2010. Such rising prices have underscored the need for a transparent and informative portal with online tools that can help the consumers to better understand the health insurance plans so that they can make an informed decision.

The portal is supposed to provide information on health insurance plans from private sector health insurance providers as well as federally backed insurers like Medicare and Medicaid. The use of portal will be absolutely free. The institute has also stated that it is working on separate tools for consumers, insurers, employers and regulators. Such an array of heterogeneous tools will help people to research the health insurance plans from different perspectives.

The chairperson of HCCI’s governing board, Mr. Stephen T. Parente, said that the institute was very pleased with the co-operation that some major health insurance providers are offering in the development of the portal. He applauded and appreciated the commitment that major health insurance providers have shown for developing a single and comprehensive information hub regarding the health insurance plans.

About the author: This article is authored by Peter Henson. Peter is a freelance writer and a guest blogger. In the past, he has written many articles explaining the need of a single and comprehensive informative portal for health insurance policy.

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