Study: Healthcare Costs Rising Faster Than Wages

Wednesday, 12 Dec 2012 03:21 PM

By Newsmax Wires

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As families across the country have undoubtedly noticed, costs for health insurance are ascending faster than their pay, according to a report from The Commonwealth Fund, a foundation devoted to improving the healthcare system.

Premiums for family-based coverage offered by employers soared 62 percent from 2003 to 20111, while median income increased only 10 percent.

If current trends continue, family premiums will increase 60 percent by 2020 from 2011, putting a family's average annual cost at $24,740, according to the report. If premium growth slowed by just 1 percentage point a year, families would save $2,029 annually by 2020.

"The rising share of premiums paid for by workers have been taking an ever greater cut out of paychecks, especially for those with family plans," the study says.

"At the same time, job-based insurance provides less financial protection. Per-person deductibles more than doubled in most states over the eight-year period [2003-2011]. The net result is that it is more difficult for many insured workers and their families to save for education or retirement — or simply to meet day-to-day living expenses."

Unfortunately, the increased costs aren’t resulting in superior service, according to the study.

"Across the country, evidence abounds of wasteful, duplicative, poorly coordinated, and, at times, unsafe care.”

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