The latest study on the data retrieved from a few international organizations looked at the healthcare expenditures and performance outcome throughout the world. They made a comparison between the U.S. and other high-income countries. Researchers found that the major factors for the vast differences were linked with administrative costs as well as the high price of labor and products, and expensive prescription drugs.
The findings, published in the Journal of the American Medical Association, found that health spending accounted for 18% of the gross domestic product in the year 2016 — much higher than other countries where the expenditure varied from 9.6% to 12.4%.
This study points to the fact that Americans spend about $3.5 trillion annually on healthcare expenses. At the same time, health insurance premiums have shot up by almost 60%.
Americans face the brunt of price hikes. With the soaring health insurance premiums and the rule that everyone must purchase one, the number of uninsured individuals in the country is expected to rise.
SOURCE:
The findings, published in the Journal of the American Medical Association, found that health spending accounted for 18% of the gross domestic product in the year 2016 — much higher than other countries where the expenditure varied from 9.6% to 12.4%.
This study points to the fact that Americans spend about $3.5 trillion annually on healthcare expenses. At the same time, health insurance premiums have shot up by almost 60%.
Americans face the brunt of price hikes. With the soaring health insurance premiums and the rule that everyone must purchase one, the number of uninsured individuals in the country is expected to rise.
SOURCE: