Healthcare spending in the U.S. is higher than in any other nation. As of this writing hospital services have increased 7.2% over the last 12 months. In 2022, healthcare costs reached $4.5 trillion, with individuals spending an average of $13,493 annually. With soaring prescription drug prices, higher deductibles, and premium increases, costs are getting out of hand. According to Price Waterhouse, "The cost of treating patients is on the rise. The healthcare industry is under pressure from high inflation, rising wages, and other costs, which are only compounded by clinical workforce shortages. Health payers are negotiating pricing with hospitals while provider profit margins continue to … [Read more...]
The Effects of the Increasing Cost of Healthcare on Real People
Healthcare Costs in the U.K. Individuals She is a single female who is self-employed and self-insured. Until this year, the only doctor’s visits she made in the last decade were for annual physicals. Her insurance covered the cost of that preventative care. However, the thought has occurred to her that she might be better off putting her monthly premium in an interest bearing account and paying for those annual visits with money from that account. As a healthy individual, she pays £130 each month only to have a deductible of £3200. In essence, she would have to pay £3330 each year before her insurance would cover any non-preventative claim. Even if the annual office visit cost me £130, she … [Read more...]