Burlington County Insurance Commission’s new 2023 fiscal year budget announced no hike in health insurance for County Employees for next year. In midst of medical expenses being a global concern, the news came to employees as bliss.
With the hike in insurance prices due to inflation, people around the world are facing financial roadblocks with the huge weight of medical bills and installments. Adding to these concerns are new diseases rising their tentacles in different corners of the world. In such a case scenario, Burlington County has set an example for its people by restricting insurance installments hike for the 2022 FY.
Why Price Rise?
The economic shock caused to the world by the COVID-19 pandemic was huge which led to shortages and delays in various services while the demand was surging. The whole situation has put the world in an economic frenzy of inflation.
The medical sector being one of the most important sectors majorly affected the global population. As the companies suffered losses, they had to raise the price bar for healthcare. This has led to an increase in the installment percentage of health insurance affecting the people. Care health insurance is a matter of importance as several million people are dependent on it.
Hope for the Future
Inflation is an issue unresolved by the global citizens leaving only an option of surviving through it. As a response, new schemes countering the price rise are being planned by international governance organizations. However, the inflation wave puts a financial burden on commoners.
Burlington County Insurance Commission’s decision could prove a point in support of common people to international health insurance agencies and governments helping the nations realize the financial burden on commoners and guiding a path to future risk mitigation.