Americans Concerned About Rising Healthcare Costs

According to a recent survey from TransUnion Healthcare, approximately 76% of consumers are concerned about health insurance costs increasing. More than half (57.9%) of the people surveyed said the rising costs associated with health insurance have already added strain on their finances [1].

The costs associated with healthcare in the United States continue to affect families and businesses alike. For years, medical expenses and the cost of health insurance have steadily increased [2]. However, some experts are now anticipating the cost increase to mildly slow this year. It’s estimated that combined spending on overall health costs will decrease to 6.5% in 2016, slightly down from 6.8% in the year prior, but drastically down from 11.9% in 2007 [3].

Regardless, consumers continue to be concerned with the cost of healthcare and insurance. Within the last five years, the Organization for Economic Cooperative and Development (OECD)’s annual survey indicated that Americans spend significantly more on healthcare than other countries analyzed by the OECD. In 2011, the United States spent $8,508 per capita on healthcare costs while the next highest-spending country (Norway) came in at $5,669 [4]. It’s also been reported that Americans are facing higher-than-average out-of-pocket costs for medical expenses. This cost equates to nearly 3% of a household’s total budget [5].

With out-of-pocket expenses and deductibles increasing for many, consumers are beginning to look for innovative solutions for managing their healthcare spending. The PwC Health Research Institute reports that more than half (56%) of consumers between the ages of 18 and 34 would utilize services that provide help in planning for medical expenses [6].

BridgeHealth provides pre-negotiated, bundled case rates for a broad scope of surgical procedures that help keep costs under control for Plan Sponsors and Plan Members. And remember, lower costs don’t have to mean lower quality. BridgeHealth only partners with the top 25% of hospitals in the country [7], so you can be certain we’re delivering affordable access to top-rated providers – with little to no out-of-pocket expense.

1) http://newsroom.transunion.com/transunion-three-in-four-consumers-concerned-about-rising-health-insurance-rates-for-2017/ – TransUnion: Three in Four Consumers Concerned about Rising Health Insurance Rates for 2017 (May 04, 2016)
2) https://www.debt.org/medical/health-insurance-premiums/ – (Debt.org)
3) http://www.cbsnews.com/news/how-much-will-your-health-care-costs-rise-in-2016/ – How painful will health care costs be in 2016? (CBS News)
4) http://www.oecd.org/els/health-systems/49105858.pdf – Health at a Glance 2011 (Organization for Economic Cooperative and Development)
5) http://www.nbcnews.com/health/were-number-20-us-below-average-most-health-measures-2D11635080 – We’re No. 26! US below average on most health measures (NBC News)
6) http://www.pwc.com/us/en/health-industries/top-health-industry-issues/consumerism.html – HRI’s top ten health industry issues of 2016, Issue 5: Healthcare Consumerism (PwC Health Research Institute)
7) http://www.carechex.com/ScoringRatingMethods.aspx – Hospital Quality Scoring and Rating Methods, Comparion Carechex

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