Today, Zane Benefits published data outlining the effect of employer-sponsored health insurance on overall U.S. medical expenditures over time. Zane Benefits provides small businesses with comprehensive and flexible alternatives to traditional group health insurance.
Originally, employers thought providing tax-free health benefits and paying all incidental medical expenses was a great way to compensate employees, with federal, state and city governments paying about half the bill through hidden tax subsidies. This subsidy was even larger for decision-making executives in high income tax brackets because the marginal federal personal income tax rate for people earning over $ 135,000/year ranged between 91% and 70% from 1959-1981. By the mid-1970s, employer-sponsored health benefits with virtually no deductibles were almost universal among major employers.
With third-party employers and government footing the consumers medical bill, the medical industry was given free rein to develop thousands of new treatments. Most of these were efficacious treatments, increasing the quality of healthcare across the country.
However, not all treatments were economical. For example, the pharmaceutical industry developed solutions to problems that werent previously defined as medical issues (e.g. prescription drugs to allow people to eat unhealthy foods, Mirapex to treat restless leg syndrome sleep disorders, Viagra and Levitra to treat impotence caused by old age, etc.). By classifying these solutions as prescription drugs rather than over-the-counter medicines, the industry was able to sell them to patients with other U.S. citizens and/or employers paying a large portion of the cost through the tax subsidy on employer-sponsored health insurance plans.
The sad truth today is that less than half of all medical care in the United States is supported by good evidence that it works, according to estimates cited by the Congressional Budget Office. -New York Times Editorial
LASIK provides an interesting Case Study
Of course, most of the thousands of medical solutions developed, such as MRIs, vaccinations, and surgical procedures, work well and greatly improve our medical care. But, because these solutions were also paid for through distant third-party employers, there was little incentive for medical providers to make these solutions more affordable. LASIK eye surgery, which is typically paid for by consumers themselves versus employers, came out in 1997 and competition forced the price from $ 3,500/eye to $ 500/eye for a greatly improved product. Meanwhile, the cost of MRIs and other technology-based innovations increased threefold over the same time period where the consumer did not have to pay their own bill.
Healthcare cost rose from $ 27 billion in 1960 to more than $ 2.3 trillion in 2007
As a result of these and other problems, U.S. healthcare costs, funded mostly through tax-free employer-sponsored health benefits, rose from $ 27 billion in 1960 (5% of GDP) to more than $ 2.3 trillion in 2007 (16% of GDP). Today the cost of employer-sponsored health benefits exceeds profits for many large companies and threatens the viability of major employers. For example, the market value of General Motors dropped 50 percent after the company announced a $ 60 billion retiree healthcare obligation (They’ve since switched to an HRA for many employees that reimburses retirees for medicare supplement premiums).
Due to rising costs, some employers and employees have been economically forced to abandon employer-sponsored health benefits entirely. Today, less than 50% of U.S. small businesses offer group health insurance.
Is Consumerism the Solution?
Many U.S. economists today agree that part of the solution to rising medical costs is returning the consumer to paying directly for part of their healthcare. To a degree, most employers have already embraced this concept by having employees pay the first few hundred or thousand dollars of their own medical caretypically by raising their annual deductible, increasing coinsurance, and shifting premium costs to employees for spouses and dependents.
Raising the employees annual deductible has proved difficult for employers to implement because:
Employees expect to receive virtually 100% coverage for medical expenses as part of the benefits of a good job;
Employees have not been financially educated to budget for medical expenses, and get angry at their employer (or carrier) when they incur non-covered medical expenses; and
Employees typically have to pay up to twice as much after tax for medical expenses and health insurance premiums not paid through a qualified employer-sponsored health plan, health savings account or cafeteria plan.
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About Zane Benefits, Inc.
Zane Benefits, Inc, a software company, helps insurance brokers, accountants, and employers take advantage of new defined contribution health benefits and private exchanges via its proprietary SaaS online health benefits software. Zane Benefits does not sell insurance. Using Zanes platform, insurance professionals and accountants offer their clients a defined contribution plan with multiple individual health insurance options via a private health exchange of their choice. Learn more at http://www.zanebenefits.com.
A plague wipes out ninety-five percent of the world’s population, taking Nate Williams’ wife and daughter and leaving him with his thirteen-year-old son to survive on their farm. In the bedlam of lawlessness and starvation, hungry, desperate men arrive from the nearest town to take their meager supplies. A benevolent stranger keeps coming in the night to steal food. Sensing the stranger means no harm, Nate leaves food out as charity. But the stranger ignores offers to join them, then comes to th
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The global in vitro diagnostic (IVD) market is estimated to touch USD 51.2 billion and USD 53.5 billion in 2012 and 2013, respectively, with molecular diagnostics being the largest growing segment of the market.
The key factors driving the growth of the IVD market globally is increased patient awareness, patient self testing, growing baby booming population, the advancement in the technology bringing more of automated tests, as well as the rise in the number of certain diseases.
New research report In Vitro Diagnostics – A Global Market Overview elaborated by Industry Experts has been recently published by Market Publishers Ltd.
Report Details:
Title: In Vitro Diagnostics – A Global Market Overview
The report reviews, analyzes and projects the IVD market globally and across individual regions, including North America, Europe, the Asia-Pacific, South America and ROW, with the regional markets further analyzed for 22 independent countries. The study contains statistical data for the global market by geographic region, product category and application area, and provides profiles of 47 key global players and 60 major players across the United States 36, Europe 18, and the Asia-Pacific 6. A global listing of 382 companies engaged in R&D, equipment manufacturing, processing, supplies and distribution of IVD products is also provided.
The Thai Chamber of Commerce (TCC) has proposed sufficiency economy for sustainable global economic development and will hold a big event of the year to show capacity of the Best of Siam.
TCC has announced its standpoint to celebrate 80th anniversary. The standpoint is to hold the principle of sufficiency economy philosophy as a driving force of the Thai economy and utilize the philosophy to develop balance and sustainability to the global economy. Private sector is going to be supported to lead and direct economic direction itself. TCC aimed to reduce inequity and anti-corruption as well as going to hold a big event at the end of the year to show the best of Siam. Therefore, TCC 80th anniversary at the end of this year is under the theme of “Sufficiency Economy for Sustainable and Balanced Growth: Solution to the World”.
There will also be symposium which is part of the event to celebrate TCC 80th anniversary. The symposium and research will be divided according to 5 main principles TCC proposed to push to sustainability.
TCC Expo 2012 aimed to show capacity of Thailand and to build confidence to local and international business sectors. In that day, there are not going to be business competition but cooperation to show the best of all sectors of the country. Above all is exhibition on Royal Pavilion which will be presented of remarkable talent of His Majesty the King. The exhibition is supported by The Chaipattana Foundation to cooperate in exhibition of royal project in imitated atmosphere of Chitralada Palace.
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A benefit concert featuring some of Santa Fe’s best singer/songwriters: Lisa Carman Band, Cristen Grey, Earth Heart, Mystic Measures, Eryn Bent, Diana James, Jesse Kalu and more, is being held from 7 to 9 p.m. on Friday, May 18th by the Santa Fe Center for Spiritual Living to raise monies to be used to improve the organizations performance. This event is on the SantaFe.com monthly event calendar.
Lisa Carman is down to earth with an amazingly clear country soprano voice, and she serves up jazz ballads, a sultry spicy blues sound, and new thought songs that spiritually dig down to the soul. All of Lisa’s work continues to combine the pop appeal to touch the listener and publisher, while allowing her to be creatively satisfied. Pushing the edge of folk-rock as a soloist, Lisa’s smokey vocals capture the ear with her raw emotion and sincerity. Her Americana music is enhanced by female harmony and dynamic violin instrumentals. Lisa engages her audience with a gracious charisma, weaving a story, a style and a mood inside each song. She shifts gears into a feisty presence, belting country rock-pop inside full band arrangements.
Cristen Grey – A veteran musician with a touring history, she opened up for the likes of Quiet Riot, Cinderella, Missing Persons and a few other Glam bands during the late eighties as a rhythm and lead guitarist for the regionally successful metal band All Eyes. Under the auspices of All Eyes Cristen flourished as a songwriter and artist paving the way for her most recent incarnation as Cristen Grey and the Moving Dunes.
The Mystic Measures Band, featuring Jim and Jennifer Kinney with friends, combines native flutes and drums with the synthesizer to create soundscapes that can shift your reality. Mystic Measures released its debut CD in May, 2009, called ORIGIN. The music is perfect for relaxing, focused activity, or creating a positive environment for social interaction.
Eryn, an up and coming showcase artist and acoustic guitar-playing talent, has been playing and singing since a very young age. Lisa Carman, a Santa Fe, New Mexico singer, songwriter, producer and teacher, began teaching voice to Eryn at age 13, which really was the turning point when her talent, both nurtured and natural, began to shine through. Soon after her lessons started, Eryn was given a guitar and she found her love for songwriting. Since that early time in her music career, Eryn has produced two independent original albums including the 10-track album Bare and the 11-track album And Then Some, with two more albums in the works. Eryn, based out of Santa Fe, New Mexico, currently writes and performs music as a solo act at venues in and around Santa Fe and plays with a handful of local bands.
The Center for Spiritual Living (CSL) of Santa Fe is a community of open hearted and like minded individuals, who strive to live the Science of Mind as postulated by Dr. Ernest Holmes.
The Science of Mind is not a religion, but a philosophy and a technique, and though it has no rules or dogma; it does include a series of principles that assist in ones life journey. It encourages the individual to develop a personal relationship with the Divine, and to understand that the relationship is reciprocal. This means that the more intimate our connection with God, the greater will be Its influence in, and as us.
About SantaFe.com/Hutton Broadcasting
SantaFe.com provides locals and visitors to Santa Fe alike the most current interactive platform for events, music, arts, business, dining and lifestyle. SantaFe.com is a division of Hutton Broadcasting, located at 2502 C. Camino Entrada, Santa Fe, NM 87507
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