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Though the Supreme Court upheld the decision on the laws of the Affordable Care Act or Obamacare as it’s often referred to, the time has come to focus on the rising cost of healthcare. Especially now that the promise has been given to provide 27 million Americans access to health coverage who are currently uninsured.
Over the last ten years healthcare spending has doubled. Even with the Affordable Care Act in place cost will continue to grow and could continue to burden and cripple an already poor economy. The impact of this is staring many families right in the face as healthcare costs are rising faster than inflation.
The inforgraphic explains the state of the healthcare costs and the problems the rising rates for care can be an ongoing problem unless something is done about it.
• Americans spend close to $3 trillion dollars annually on health care expenses.
• Americans have lower life expectancy yet spend the most on their health and wellbeing.
• The healthcare industry as a whole is the fastest growing industry in the current economy with Outpatient, Inpatient and Long-term patient care making up about 70% of the whole health care industry.
• If the rate of growth continues on the current path, in less then 10 years Americans will pay 60% to 70% more than they do now and this will exceed the rate of wage growth.
Some ideas like rationing healthcare, cutting doctor and hospital payments and reduce administrative and insurance waste are talked about as ways to reduce healthcare costs or at least slow the rate costs are growing. Many companies have to spend money on healthcare training videos and hipaa training in order to help employees understand their rights and benefits for healthcare. All hr training should familiarize those who discuss company benefits with employees to be knowledgeable of the offered benefits. Because of the poor outlook on the economy and analyzation of the data on the cost of healthcare, many question if the Affordable Care Act really makes healthcare affordable or if it just makes it available and more expensive.
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