The year 2020 will be a bit tough for US employers and workers as they have to shell out expensive health insurance costs. According to the prediction by top companies,

The beginning of 2020 in the U.S. has brought financial setback for the Americans, as major pharmaceutical companies like Pfizer, GlaxoSmithKline PLC, and Sanofi SA are expected to increase the cost of over 200 medications, effective from New Year’s Day. The list of drugs that will cost more is yet to be released, and the price hikes are expected to be less than 10% across the board, likely due to politician’s and patient’s pressure.

As per the President Trump’s order on improving price transparency in America, the Department of Health and Human services has announced that Centers for Medicare & Medicaid Services has issued rule to increase price transparency to increase competition among insurance carriers and to empower the patients.

It’s time for millions of people in the United States of America to shop for individual health insurance for the upcoming year 2020. It’s perfect time for Americans to see and check federal ratings and compare the health plans’ quality on the Affordable Care Act’s insurance marketplaces.

Medicare beneficiaries in the U.S are hit in the pocketbook in 2020 with medicare premiums and deductibles see an increase in coverage for medical services and prescription drugs. The U.S. Centers for Medicare and Medicaid Services announced that the standard monthly premium for Medicare Part B rises $9.10, to $144 a month and even the annual deductible for Part B increases $13 to $198 per year.