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Rising Healthcare Deductibles Leave Families With Fewer Choices for The Treatment of Drug and Alcohol Addiction

Tucson, AZ (April 7, 2016) - Health care costs continue to rise, and workers are shouldering more of the burden.

The big reason? Skyrocketing deductibles.

More companies are adding deductibles to the insurance plans they offer their employees. And for those who already had to pay deductibles, the out-of-pocket outlays are growing.

Many of the insurance policies being sold under the federal health care law through the state exchanges also rely on high deductibles to keep premiums low. Some employers also increased their deductibles to reduce the higher costs associated with the law.

Together that means that the average worker has to pay $1,077 before their health plan will cover any medical expenses, according to a survey released Tuesday by the Kaiser Family Foundation and The Health Research and Education Trust. That's a 67 percent increase in five years. It’s a 255 percent increase from 2010.

The higher deductibles — combined with more modest but consistent increases in premiums — mean health cost for consumers are growing faster than income, and taking an ever larger bite out of household budgets.

"Deductibles have been going up so much faster than wages, almost seven times faster than wages," said Drew Altman, president and CEO of the Kaiser Family Foundation. "When out-of-pocket costs are going up at a time when wages are flat, the pain level is still pretty high."

He said higher deductibles are particularly difficult for people with chronic illnesses. "They may not get the health care they need if they have a very big deductible," he said.

That also holds true with people seeking treatment for drug and alcohol addiction.

My Treatment Lender lends money to people who are in need of drug, alcohol and eating disorder treatment. "We have had a 30% in business during the 1st quarter of 2016”, according to CEO, Adlai Rust. “The past couple of years we have seen deductibles in the $500 to $2,500 range. Kicking off 2016, we are now seeing more and more people having to pay $5,000-$10,000 deductibles so that they or their loved ones can get into treatment and get the help that they need. Many people simply can’t afford to pay that large of an out-of-pocket expense. They are turning to lenders such as My Treatment Lender to take out a loan to cover the cost of their deductible.”

For more information on My Treatment Lender, please give Mr. Rust a call at: 800-440-4616.