Health Insurance Costs Surpass $20,000 Per Year, Hitting a Record

As the costs continue to rise for basic coverage across the industry, it becomes more important than ever to understand costs for medical procedures before incurring them. For non-emergency situations, comparing costs across your network can help save anyone thousands of dollars. Medxoom’s modern marketplace technology can help provide price transparency on current wide cost variations for the same medical services among providers in their region.

From Bloomberg:

“The cost of family health coverage in the U.S. now tops $20,000, an annual survey of employers found, a record high that has pushed an increasing number of American workers into plans that cover less or cost more, or force them out of the insurance market entirely.

The seemingly inexorable rise of costs has led to deep frustration with U.S. health care, prompting questions about whether a system where coverage is tied to a job can survive. As premiums and deductibles have increased in the last two decades, the percentage of workers covered has slipped as employers dropped coverage and some workers chose not to enroll. Fewer Americans under 65 had employer coverage in 2017 than in 1999, according to a separate Kaiser Family Foundation analysis of federal data. That’s despite the fact that the U.S. economy employed 17 million more people in 2017 than in 1999.”

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