Are rising healthcare costs giving you high blood pressure? Us too! Did you know that the US spends significantly more on healthcare compared to other developed nations but we DON’T have consistently better health outcomes. How is that possible? The truth is, rising healthcare costs have many root causes. Let’s break down (4) underlying factors here:
- An Aging Population – Since people age 65 and over, on average, spend more on healthcare than any other age group, growth in the number of older Americans is expected to increase total healthcare costs over time.
- Insurance Impact – complexities within the US health insurance landscape lead to administrative waste and higher prices. Lack of competition on a national level and a fee-for-service (vs. results) structure allows insurance companies to go unchecked and charge you MORE!
- Americans Are Growing More Unhealthy – According to the Center for Disease Control and Prevention (CDC), more than half of the U.S. population has at least (1) chronic disease, such as asthma, heart disease, high blood pressure or diabetes, which all drive up health insurance costs.
- Confusing Complex Medical Costs – Despite a wealth of information at our fingertips online, there’s no systematic way to understand treatment options and the cost of care. Even when providers make service prices available, they are often challenging to navigate and understand.
While no single reason is to blame for rising health costs, understanding a few critical factors can help keep you informed and aware of your options. If you have not considered direct-pay healthcare in the past, maybe you should. Costs are transparent, affordable and untethered to health insurance complexities. Make 2023 the time to try something new with your healthcare experience…