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[48] [49] Assuming $3.2 trillion is spent on healthcare per year, a 10% savings would be $320 billion per year and a 15% savings would be nearly $500 billion per year. For scale, cutting administrative costs to peer country levels would represent roughly one-third to half the gap.
Health care cost as percent of GDP (total economy of a nation). [2] [3] Graph below is life expectancy versus healthcare spending of rich OECD countries. US average of $10,447 in 2018. [7] See: list of countries by life expectancy.
Published in the journal Health Affairs, the study found "...After accounting for general inflation, family incomes remained stagnant between 2004 and 2006, while out-of-pocket spending on premiums and health care services increased 8.5% over the two-year period. Overall, total out-of-pocket spending increased, on average, about 5 percent ...
Rising health care costs are partly due to an aging population. According to the Peter G. Peterson Foundation , 13% of people in the U.S. in 2010 were aged 65 and older; by 2021, 16% were 65 and up.
The total reflected a three-year average of data collected between 2018 and 2020. The average health care cost per person in South Dakota came in at $11,736, putting it ninth overall for personal ...
Wisconsin small business employees also absorbed higher health costs up front, paying nearly $1,400 more a year on their health insurance deductibles in 2023 than their big business counterparts.
In Canada the total cost of settlements, legal fees, and insurance comes to $4 per person each year, [113] but in the United States it is over $16. Average payouts to American plaintiffs were $265,103, while payouts to Canadian plaintiffs were somewhat higher, averaging $309,417. [ 114 ]
A 65-year-old retiring today can expect to spend $157,500 in healthcare and medical expenses throughout retirement, according to the Fidelity Investment Retiree Health Care Cost Estimate for 2023.