The Rising Costs of Health Care: A Look at the Average Cost per Month
Health care costs have been steadily increasing over the years, and it’s becoming a concern for many individuals and families. According to the National Healthcare Expenditure Accounts (NHEA), the total national health care spending in the United States was $3.8 trillion in 2019, with an average of $11,582 per person. In this article, we’ll take a deep dive into the rising costs of health care, as well as the average cost per month.
What’s causing the increase in health care costs?
The rising costs of health care are caused by various factors, including:
1. Technological advancements:
Technological advancements have brought about new treatments, diagnostics, and drugs. However, these new technologies can be expensive, and insurance companies may not cover them.
2. Increased demand:
As the population grows and ages, the demand for health care services also increases. This increase in demand can lead to a shortage of resources, pushing up prices.
3. Administrative Costs:
Health care providers, hospitals, and medical facilities have to deal with administrative tasks such as record-keeping, billing, and insurance processing. These administrative tasks can be time-consuming and expensive, and the costs are often passed on to patients.
The Average cost per Month
The average cost per month for health care varies depending on a person’s age, health status, and insurance coverage. However, According to data from the Healthcare Cost Institute, the average monthly healthcare costs in the US for an individual are as follows:
The average monthly cost for an individual under age 18 is $291.
The average monthly cost for an individual between ages 19 and 25 is $216.
The average monthly cost for an individual between ages 26 and 44 is $392.
The average monthly cost for an individual between ages 45 and 64 is $678.
The average monthly cost for an individual 65 and over is $1,032.
It’s important to note that these figures are just averages, and the actual cost can vary based on several factors.
How to reduce healthcare costs?
If you’d like to reduce your healthcare costs, here are some tips that can help:
1. Review and compare health insurance plans:
Take time to review and compare health insurance plans to find the one that meets your healthcare needs and budget.
2. Take care of your health:
Prevention is better than cure, so take care of your health by eating well, exercising regularly, and getting enough rest.
3. Go for generic drugs:
Opt for generic drugs instead of brand-name drugs, as they’re often cheaper and work just as well.
4. Shop for healthcare services:
Shop around for healthcare services, and compare prices to find the best deal.
Conclusion
The rising costs of health care are a concern for many individuals and families. While the average cost per month can vary depending on several factors, taking steps to reduce healthcare costs can help make it more affordable. Reviewing health insurance plans, taking care of your health, going for generic drugs, and shopping for healthcare services are just some ways to reduce healthcare costs. By being proactive and informed about your healthcare, you can ensure that you’re getting the best value for your money.
