Healthcare Costs in America Compared to Other Countries
Many of us pay prices that we feel are extremely high for health insurance. Those with insurance wonder why their prices seem to be disproportional compared to how often they actually use their insurance. With overpriced policies, some might skip the doctor to avoid the bill, which can lead to problems down the line. Have you ever wondered why our prices for insurance is so high? Have you wondered why your insurance can’t be free? Today, we will look at insurance payments in the US and help expand the knowledge of our healthcare costs.
Many of us all have the same questions about insurance. Insurance helps absorb the impact of an insurance bill but still leaves you vulnerable if the bill price was high. In insurance, consumers pay high prices when it comes to premiums, deductibles, and additional expenses. Healthcare costs are expected to surpass steadily to $14,944 in 2023.
Why Our Costs Are High?
There are many things that can affect how much you pay for your insurance, specifically your premium cost. Under the current health care law, companies can only raise or lower premiums based off of the following: age, location, tobacco, individual or family, and plan type.
Depending on your age, insurance companies can charge you double the amount they would charge someone who is younger than you. Based on your area of residence, the amount of competition between insurers can either lower your cost or raise it based on the market price in your state. Tobacco is considered a risk in insurance, and smoking can raise prices up to 50% compared if you didn’t smoke. Covering a whole family with insurance will not give you the same rates per person contrary to belief, and prices can vary. Finally, based on the level of plan – bronze, silver, gold, platinum – your premiums and out of pocket can vary.
Compared to other countries, doctors in America are more skilled in a broad range of different medicines, disease knowledge, and craft hours. These doctors pay over 300,000 in school expenses, which is the reason they get paid so much and cause our prices to be higher. In America, we also have more advanced machines, medicines, and surgeries that are not available in other countries, which in turn causes our prices to rise. We also do not have wait times to see our doctors while in other countries it could take weeks to see a doctor.
We pay a higher price in America for a better health care system overall. Although it has its pros and cons, it’s important to understand where your money is going. There are many different options for you, and if your prices seem unbearable, talk to your agent about subsidies, or give Empower Brokerage a call.