Household healthcare spending has increased in dollar amount and as a share of household spending, even during the last recession when average household expenditures (and pretax income) declined. Consumer Expenditure Survey (CE) data show that household out-of-pocket healthcare spending rose steadily from an average of $2,664 (in nominal dollars) in 2005 to $4,290 in 2014 while the share of the household budget accounted for by healthcare spending held steady at 5.7 percent over the 2005–2007 period, but increased to 8 percent in 2014. (See chart 1.) In contrast, average total household expenditures rose from $46,409 in 2005 to $50,486 in 2008, then fell from 2009 to 2011. Spending increased to $51,442 in 2012, fell to $51,110 in 2013, and then rose once again to $53,495 in 2014.
Source: US Bureau of Labor Statistics *** Health insurance
Health insurance premiums accounted for the greatest proportion of healthcare spending among households at all income levels.This category includes spending for private health insurance obtained individually or through a group plan and for amounts for Medicare Part B and Part D coverage.
Monday, August 29, 2016
US Household Out Of Pocket Healthcare Spending Rose Steadily From 2004 To 2014 Despite Recession And Obamacare: Health Insurance Premiums Are Biggest Healthcare Expense For All Income Groups
From US Department of Labor, US Bureau of Labor Statistics, Beyond The Numbers, "Household healthcare spending in 2014" by Ann C. Foster:
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It is an absolute fact that major proportion of a household income is spent on healthcare. You have highlighted this issue along with fact and figures which are remarkable. No doubt the Regulations introduced by in previous years have aimed to facilitate an average Americans healthcare needs, however, the rise of Commercial insurances and recession played an important role in rising family healthcare cost. Families find it even difficult when they are obligated to stay with a Physicians in a network with their insurance. Sometimes Quality of care is compromised or worse.
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