What is the total national insurance premium amount spent by American consumers?
I know the ’06 amount of $ spent on medical care. I want to compare that amount to the amount of total insurance premiums paid.
Tags: American, Amount, consumers, Insurance, insurance total national, national, Premium, spent, total, total insurance premium
There’s no national insurance. THe only numbers I’ve seen, are the LOSS RATIOS from the companies. Insurance companies pay out in claims about $.99 of every $1 they take in, in premium. Administrative expenses are about $.20 to the premium dollar. And the difference, is made up from income on the reserves.
I don’t think you will find one place where all of the various forms of insurance premium payments are tabulated. It is not easy and may, in fact, not be available at all because an accurate figure would have to include:
Permanent individual health policies
Temporary individual health insurance policies
Group policies paid 100% by the employer
Group policies where the employer and employee share the total cost
Self insured corporate plans (excess cover)
Cobra premiums paid by individuals
Medicare premiums paid by individuals
Premiums paid by retirees who are not yet on Medicare
Good luck on your quest.