New research has revealed the catastrophic ailments are the most expensive for insurers to cover.
The results from a recent study that looked into health insurance costs has now revealed the 10 types of catastrophic ailments that are the priciest for insurers to have to cover as a part of their plans.
Among the leading types of condition is going into labor early and having a preterm baby.
Preterm births occur about 450,000 times every year and have been found to be among the highest insurance costs, says the new analysis. The analysis of the data relating to expenses associated with different conditions discovered that the cost linked with providing health care for a baby who was born very prematurely can easily range from $200,000 to 450,000, on average. The final price tag depends on how early the baby was born and what other medical conditions were present at birth. That said, this expense is rated only fifth on the list of the top ten most expensive conditions paid for by insurance companies.
Before preterm births are two forms of cancer, kidney disease, and birth defects as conditions with highest insurance costs.
The most expensive type of health insurance payment is usually for a group of cancers called malignant neoplasms, which included breast, lung, and colon cancers. In the next group were three types of blood cancers – multiple myeloma, lymphoma, and leukemia – in the third spot was kidney disease, followed by birth defects in fourth, and then preterm births in the fifth most expensive spot.
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The remaining five conditions to make up the list of the most expensive for insurance companies were: congestive heart failure, stroke, respiratory failure, medical or surgical complications, and bloodstream infections. The results of this study were based on an analysis of claims that spanned from the start of 2011 through to the end of 2014. It examined the costs for claims for companies providing coverage for over 5 million people.
The insurance costs associated with the first three groups of conditions made up 33.5 percent of the total expenses for the most expensive ten conditions on the list. The most expensive group, alone, was responsible for 17.6 percent of the total cost faced by the insurers whose figures were examined in this study.