health
Thanks, Obama: We are all cash payers for healthcare now
Recent polling from the West Health-Gallup Center revealed a troubling reality. Roughly one-third of Americans reported having cut back on spending to afford medical care, with consequences ranging from delaying retirement to skipping vacations and meals. These results reveal a deeper truth about how the system has changed. Insurance no longer acts as the shield it once did, and most Americans now pay out of pocket for their care. Like it or not, we are all cash payers now.
TL;DR
- One-third of Americans have reduced spending to afford medical care, impacting retirement, vacations, and meals.
- Insurance is less effective as a shield, with most Americans now paying for care out of pocket.
- Premiums for employer-sponsored insurance have nearly doubled since 2009, outpacing inflation.
- Deductibles have significantly increased and now apply to most workers.
- Coinsurance and out-of-pocket maximums often require patients to pay substantial amounts for care.
- Patients previously referred for services like MRIs without cost consideration can no longer afford this practice.
- The healthcare market lacks normal price competition because patients are not given advance cost information.
- The No Surprises Act's requirement for Advanced Explanation of Benefits has not yet been implemented.
- The bipartisan Patients Deserve Price Tags Act aims to mandate price transparency from hospitals and insurers.