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Rising Health Care Costs Hurting Income

Rapidly rising health care costs have exhausted most American family’s disposable income, according to a new study conducted by RAND Corporation.

According to the data, had health care costs risen only as fast as the cost of other goods and services in the United States from 1999- 2009, the average American family of four would have approximately $545 per month to spend in disposable income after paying for expenses. However, the average American family of four only has around $95 left over in disposable income in actuality, a direct result of rising health care costs.

The findings were published in the September edition of the health journal Health Affairs. David Auerbach, the study’s lead author and an economist at RAND Corporation, said, “Accelerating health care costs are a primary reason that so many American families feel like they are treading water financially. Unless we reverse the trend, Americans increasingly will notice that health costs compromise their other spending options.”

Between the years of 1999 and 2009, total spending for health care in the United States nearly doubled from $1.3 trillion dollars to $2.5 trillion dollars. The percentage of the nation’s gross domestic product devoted to health care climbed from 13.8% to 17.6% during the same time. Per person health care costs grew from $4,600 to $8,000 a year approximately.

According to researchers, people don’t often realize just how much of a dent health care costs put into their income, because the numbers often get hidden. Health care can affect a family in two ways – through the monthly premiums they pay for their health insurance, and also through out of pocket expenses for things like co-pays, deductibles, medications, and more.

In addition, other hidden costs can come into play, like private health insurance, federal and state taxes for programs like Medicare and Medicaid, and more.

This health news update is sponsored by InsuranceChaser.com. For more information regarding Medicare or Medicare Supplement plans, call (877) 775-4321 to speak to an agent. We’ll help you determine your Medicare eligibility Ohio and find a plan that fits you. Get a free insurance quote on our site today!