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Health Costs Doubled in the Past Decade
By NIHCM Foundation www.NIHCM.org
The total cost of health care for a typical family with employer-sponsored coverage has more than doubled in the past decade to nearly $21,000 per year, outpacing both inflation and income growth.
Skyrocketing health care costs are already straining budgets and could jeopardize the availability of affordable coverage under the ACA. To shed light on the factors behind increased spending on private insurance, this brief examines
- trends in premiums and cost-sharing in the group and non-group markets,
- how premium dollars are spent by insurers,
- which sectors are driving premiums upward, and
- the importance of price increases in explaining spending growth.
Assessment
Conclusion
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- Dictionary of Health Economics and Finance
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Filed under: Health Economics, Healthcare Finance | Tagged: ACA, health costs, health insurance premiums, NIHCM Foundation, PP-ACA, Spending for Private Health Insurance in the United States |
The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants 
Health Insurance Coverage Trends in the United States During 2012
•The number of people with health insurance increased to 263.2 million in 2012 from 260.2 million in 2011, as did the percentage of people with health insurance (84.6 percent in 2012, 84.3 percent in 2011).
•The percentage of people covered by private health insurance in 2012 was not statistically different from 2011, at 63.9 percent. This was the second consecutive year that the percentage of people covered by private health insurance coverage was not statistically different from the previous year’s estimate. The percentage covered by employment-based health insurance in 2012 was not statistically different from 2011, at 54.9 percent.
•The percentage of people covered by government health insurance increased to 32.6 percent in 2012, from 32.2 percent. The percentage covered by Medicaid in 2012 was not statistically different from 2011, at 16.4 percent. The percentage covered by Medicare rose over the period, from 15.2 percent in 2011 to 15.7 percent in 2012. Since 2009, Medicaid has covered more people than Medicare (50.9 million compared with 48.9 million in 2012).
•The percent of children younger than 18 without health insurance declined to 8.9 percent (6.6 million) in 2012 from 9.4 percent (7.0 million) in 2011. The uninsured rates did not show a statistical change for all other age groups: 19 to 25, 26 to 34, 35 to 44, 45 to 64 and people 65 and older.
•The uninsured rate for children in poverty (12.9 percent) was higher than the rate for children not in poverty (7.7 percent).
•In 2012, the uninsured rates decreased as household income increased from 24.9 percent for those in households with annual income less than $25,000 to 7.9 percent in households with income of $75,000 or more.
Source: U.S. Census Bureau
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25% of privately insured adults doubt they could pay for a major unexpected illness or injury
According to a recent telephone poll conducted by the Associated Press:
• 19% of all privately insured adults did not go to the doctor when they were sick, injured, because of costs.
• 17% skipped a recommended test or treatment.
• 18% of all adults went without a physical exam or other preventive care.
• 50% surveyed said they had a strong understanding of what their plans cover.
Note: The telephone poll conducted between July 22 and September 3 included interviews with a random national sample of 1,004 privately insured adults aged 18 to 64.
Source: Washington Post
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Family Premiums for Employer-Sponsored Insurance Rose 3%
Kaiser Family Foundation recently released survey results on trends in employer-sponsored health insurance. Here are some key findings from the report:
• Family premiums for employer-sponsored coverage rose 3% to $18,142 this year.
• Workers on average contribute $5,277 annually toward their family premiums.
• In 2016, 83% of covered workers face an average deductible of $1,478.
• 56% of employers offer health benefits to some of their workers this year.
• Premiums for single coverage now average $6,435 annually.
• Workers contribute $1,129 on average toward their single coverage premiums.
Source: Kaiser Family Foundation, September 14,
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