Source: Quartz
Compared to the rest of the world, health care in the United States is incredibly expensive per person – with costs at approximately $9K per year, per person. That doubles the amount spent on health care in other countries.
Quartz explains why health care costs are skyrocketing in the US.
“While at its most basic, health spending boils down to the price of services multiplied by the number of times they are used,” Quartz reported.
Some of the factors that drive up the price of health care include:
- Medical providers are reimbursed for all tests administered, encouraging “over treatment”
- Consumers are not informed/lack access to make informed decisions on treatments
- Drugs and medical devices are overpriced, compared to the rest of the world
- Defense mechanisms against malpractice lawsuits drive up costs for consumers
There are several other factors that make health care in America so expensive, and Americans paychecks might not be able to keep up with rising costs.
Read full story at: Quartz