Anyone living in the U.S. for the past decade has heard somewhere at some time that the cost of healthcare is increasing. The media talks about it, the government talks about it, and our own founder and CEO, Pat Palmer, talks about it.
You have most likely experienced it firsthand. Based on research data from the past decade, a trend is obviously forming in which the cost of healthcare is continuing to increase with greater momentum and the amount that Americans are paying out of pocket is likewise increasing.
According to a Press Release from the Commonwealth Fund, as of 2012, more Americans than ever are having difficulty paying their medical bills. The Commonwealth Fund reports that in 2005, 58 million Americans were struggling with medical debt. This number jumped to 75 million Americans by 2012.
Out-of-pocket expenses for health insurance are on the rise as well. 78% of workers had to pay an annual deductible as of 2013. Additionally, as of 2013, 58% of covered workers in businesses with fewer than 200 employees pay a deductible of at least $1000 per year.
The cost of health insurance premiums has risen 80% in the past ten years according to a study performed by the Employer Health Benefits survey, the Kaiser Family Foundation and the Health Research and Educational Trust. As of 2013, the average health insurance premium for an individual was $5,884 and $16,351 for families.
Those who are participating in employer health insurance plans are not fairing much better. Worker Contributions to health insurance premiums increased 89% from 2003 to 2013, from $2,412 to $4,565. Employer contributions increased 80% within the same time period, from $6,657 to $11,786.
The future trends of healthcare spending do not look any brighter, either. In September of 2013, the Office of the Actuary at the Centers for Medicare and Medicaid Services projected that between 2012 and 2022, the average annual rate of healthcare spending will increase 5.8%, which is a faster rate than the expected rate of our national gross domestic product. Furthermore, the percentage of the GDP spent on healthcare will rise 2% by 2022.
Are you prepared for the steady increase in healthcare costs? Are you doing all you can to keep your out-of-pocket expenses at a minimum while preparing for an unforeseen illness or accident? There are steps you can take to be proactive in saving on healthcare.
- If you know you are having a procedure ahead of time, negotiate a price with the provider beforehand
- Shop around and get quotes from different area facilities and use any lower prices as a bargaining tool to negotiate with hospitals
- If you are uninsured, ask for the uninsured discount
- If you are insured, try to stay in-network, if possible
- Ask for a prompt pay discount
- Always request a detailed, itemized statement of your medical bill
Contact Medical Recovery Services for help reducing your medical bills and for more tips to decrease the amount you owe even before you receive a medical bill.
