I have been asked many times if I know why insurance costs are so high. I give the answer that it is based on many criteria, including our demographic area, plan chosen, size of the group, risk factors, age, gender, smoking/non-smoking, etc. But I am finding that we just don’t what we don’t know.
When Wellmark raises their insurance premiums there is always a disappointment, but we must understand how this can happen, who approves this increase and why. I have also heard the comments about the “new building”, the “air planes”, the “giant” and the profits realized.
I would like to share this link to some fun and interesting facts that will help you to better understand pricing and “where’s the money going”.