Out of Pocket Health Care Costs Increasing
According to an April 22, 2014 article on foxbusiness.com, both providers and consumers experienced a significant increase in health-care costs 2014. A report released Wednesday by TransUnion HealthCare showed that out-of-pocket health-care costs rose by 11% in 2014, and that consumers have less money to pay for these rising costs despite a slowly improving economy.
The report included anonymous data estimates from thousands of clinics across the country, and was compared to financial data provided by TransUnion.
Increased costs are being passed on to consumers from their employers as insurance costs continue to rise, according to the National Association of Health Underwriters President Tom Harte. According to Harte, employers shift the cost to their employees in the form of higher deductibles and plan changes in order to offset the average 20% increase in premiums companies are facing.
Other findings in the TransUnion report include evidence that the amount of revolving credit available to consumers to pay for these medical costs is decreasing as well. According to foxbusiness.com, “For every $100 in health-care costs, consumers had $1,350 in revolving credit to potentially make those payments in the last quarter of 2014. For the same quarter in 2013, consumers had $1,520 in revolving credit for every $100 in health-care costs.”