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About “OOP” National Health Care Expenses

4 Responses

1. Carie, on December 10, 2014 at 3:00 AM said:

   OOP or OOPS!

   A very scary info-graphic.

   Many thanks for sharing.

   Carie

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2. Betty, on May 18, 2015 at 6:43 PM said:

   Your medical bills will send you into bankruptcy – NOPE

   Fidelity has published reports saying the average 65-year-old couple will end up spending about $220,000 on health care.

   But that’s an average, not a certainty. It’s true that Medicare does not pay for all your medical expenses. That’s why it’s important to purchase a supplemental insurance plan, which typically costs a fraction of the cost of regular health insurance.

   It’s also true that if you become incapacitated and are forced into a nursing home, the expense can be astronomical. That’s why you should consider long-term care insurance, especially if you have assets you want to protect.

   Betty

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3. Lindsay Resnick, on June 30, 2015 at 8:54 PM said:

   On the current merger and acquisition push

   Let’s face it, the giants are already in control of America’s $3 trillion healthcare economy. Thirty-six Blue Cross Blue Shield Plans cover 106 million Americans. The ten largest non-Blue health insurers have another 118 million customers. In 45 states two health insurers have combined market share of 50% or more. And, we’re seeing the same thing on the provider side…over half of the 5,724 U.S. hospitals are now part of multi-facility health system. Add to the mix a new face of today’s physician: 60% of family doctors and pediatricians, 50% of surgeons and 25% of surgical subspecialists are salaried employees rather than independent practitioners.

   As you look at the current merger and acquisition push, in addition to reaching for the “brass ring” of cost efficiency, let’s not forget one of the biggest drivers: government healthcare. With 52 million Medicare beneficiaries (and 17 million more aging-in over next 5-years), 70 million enrolled in Medicaid or CHIP, approximately 9 million receiving government subsides under the Affordable Care Act, and 9 million Tricare military enrollees…government programs have been very, very good to the healthcare industry. The bigger question we need to consider is how fast growth of government run programs combined with massive payer and provider consolidation moves America toward a universal, single payer system.

   Oligopoly-type market domination is defining the healthcare competitive landscape, can consolidation yield efficiency…or will it breed bureaucracy? Integration isn’t easy and it’s never fast. Many factors ‒ from talent integration to syncing legacy systems to positioning multiple brands ‒ will challenge even the most adept dealmakers. And caught in the middle: the customer.

   As healthcare moves toward personal accountability, is bigger better? Buying health insurance is now a retail shopping experience…in-store, over the phone and online. Even with product standardization, price transparency, and quality measures today’s healthcare consumers are frustrated as they navigate individual financial and clinical health care decisions. Owning your health care isn’t as easy as it sounds, but there’s no doubt, the consumerization of healthcare is here to stay. And, healthcare companies need to pay attention to their customers’ priorities: better clinical outcomes, better quality of life, honest communication, and a relationship resecting “do the right thing when it comes to my health”.

   Healthcare’s giants already face an enormous task in changing the way customers think about them. Consumer experience has not been a core competency. Year after year most customer experience experts (Forrester, McKinsey, Tempkin) report health insurer satisfaction ratings as some of the lowest out there. As compared to other business verticals such as telecom, airlines, and credit cards, health plans have struggled to engage and satisfy their customers. Today’s healthcare consumer journey is often a series of disconnected, fragmented events lacking both trust and mutual value exchange. Will that improve with size?

   With a promise of cost efficiencies, expanded product offerings, and ultimately (albeit gradually) increased shareholder value driving consolidation, these marriages are only one factor in the massive transformation healthcare is experiencing. Most health plans are still reengineering their pricing and risk management under health reform, while juggling pressure to move away from fee-for-service reimbursement toward performance or outcome based payments. At the same time, in areas such a population health management, wearables, and telemedicine (mHealth) we’re seeing innovative, disruptive technology break traditional value chains, encourage new entrants, and displace markets. That’s a lot for any well-run enterprise to manage…consolidated or not!

   Lindsay Resnick
   [Chief Marketing Officer]
   KBM Group: Health Services

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4. Dr. Thurman, on February 9, 2017 at 8:21 PM said:

   JAMA: Top 10 Personal Health Expenses

   1. Diabetes – $101.4 billion
   2. Heart disease – $88.1 billion
   3. Low back and neck pain – $87.6 billion
   4. Hypertension – $83.9 billion
   5. Injuries from falls – $76.3 billion
   6. Depressive disorders – $71.1 billion
   7. Oral surgery (fillings, extractions, dentures) – $66.4 billion
   8. Vision and hearing – $59 billion
   9. Skin-related (cellulitis, acne) – $55.7 billion
   10. Pregnancy and postpartum care – $55.6 billion

   Dr. Thurman

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