The Government predicts a rise in the healthcare spending of Americans. This year, the health sector should see a 5.3 percent increase because of healthcare insurance and increasing prices of medication.
One of the nation’s health agencies, the U.S. Centers for Medicare and Medicaid Services, foresees that from 2017 to 2026, the upsurge will amount to 5.5 percent which would comprise 19.7 percent of the United States’ economy by the anticipated end year.
One cause of the added spending is insurance programs such as Medicare and Medicaid. The aging population’s growth correlates to the enrollment rate in Medicare and Medicaid, as shared by Gigi Cuckler, an economist from the Office of the Actuary’s National Health Statistics Group.
The scenario also relates to the forecast that the majority of Americans might be uninsured by 2026. It is because of the US tax code modification, which requires the nation’s citizens to acquire health insurance. Their failure to do such could result in paying a fine.
Another factor of the health care spending inflation is the cost of medicines. Princeton University’s economist, Uwe Reinhardt says in his study that Americans pay the same amount for healthcare as other developed countries. However, the people of the US spend more because of the prices.
In connection, the research team from a Texas-based management consulting company, Vizient anticipate that the price of prescription drugs might increase by 7.35 percent from July 2018 to June 2019. However, they said that the rate could slow down in the middle of the time frame.
Vanderbilt University associate professor Stacie Dusetzina comments that insurance benefits do not cover too much regarding medicines. Therefore, people would still have to pay for them using their money. GoodRx, a mobile app that tracks medicine prices and offers coupons for drugs, listed the most expensive pharmaceutics in the US.
Actimmune, which boosts the immune system, topped the list with $52,321.80 for a month. Daraprim, responsible for toxoplasmosis treatment, came in second with $45,000.
Regarding the possibility of lessening healthcare expenses, professionals say it is feasible. They recommend that hospitals do not throw out new supplies and equipment. Results from the University of California, San Francisco Medical Center state that $2.9 million worth of equipment gets dumped every after each neurosurgical procedure.
Another way is for individuals to stay healthy. Larry Boress, the president of the Midwest Business Group on Health, suggests that those under prescription should follow their doctors by taking the medicines given to them and refilling them when they run out. Boress also advises doing little things such as taking a walk as a form of physical activity.