American Express

The soaring cost of medical care and the resulting pressure on health insurance  premiums have become top-priority issues for employers, employees, the self employed, the federal government, and recipients of various government health insurance plans. The current health insurance system is not only costly but also extremely complex and constantly changing. Years ago, health insurance was relatively simple. You went to the doctor of your choice. He or she billed your insurance carrier directly, or you paid the bill and submitted it for reimbursement. If you worked for a large company, you paid no premiums, and your co-payments, if any, were minor.

Now, you have many more choices to make. Do you want the traditional fee-for-service indemnity plan? How about opting for the health maintenance organization (HMO) or preferred provider organization (PPO) alternative? Should you participate in a flexible spending account (FSA) plan? Today, you have a much bigger stake in these decisions, because you are often required to pay part of the health insurance premiums, and your deductibles and co-payments are far more costly than they used to be. On top of what is occurring between private employers and their workers, massive changes in health insurance coverage provided by the government promise to cost you even more money and angst.