that now force them to choose between putting food on the table or taking care of their health. Millions of Americans are struggling under the crushing weight of rapidly rising health care costs that now force them to choose between putting food on the table or taking care of their health.
Millions of Americans are struggling under the crushing weight of rapidly rising health care costs that now force them to choose between putting food on the table or taking care of their health.
Even with insurance, medical bills have become backbreaking as health care expenditures devoured more than 17 percent of the U.S. GDP, an increase of 4.1 percent from the year before. Runaway Growth of Health Costs
Over the past few decades, health care expenditures in the United States have skyrocketed.
Costs rocketed to nearly $4.5 trillion in 2022 despite reduced services during the pandemic, data from the Centers for Medicare & Medicaid Services (CMS), the federal agency that administers the Medicare program, show. The agency predicts national health expenditures will soar to nearly $7 trillion by 2030.
Out-of-pocket costs will also increase by an average of 4.6 percent annually through 2030 to reach 9 percent of total spending.
Deductibles also show a worrying trend, with the average deductible doubling from $1,025 in 2010 to $2,004 in 2021, according to the Center for American Progress, a public policy research and advocacy organization. In the same time frame, the percentage of plans mandating a deductible rose from 78 percent to about 89 percent.
As a result, even those with insurance often cannot afford the out-of-pocket expenses associated with needed care. The problem is especially acute because incomes have failed to keep pace with rapidly rising costs.