02 Dec Are Soaring Health-Care Costs Hurting the U.S. Economy?
Over the last decade, there have been many changes in the U.S. health care landscape. These changes have been attributed to new, majory advances in medican treatment, an aging population, and the Affordable Care Act implemented in 2010. In 2015, total U.S. health care spending increased 5.5% of total income to reach $3.2 trillion across the country. While cost increases have moderated after averaging nearly 8% annurally over the previous two decades, they are still outpacing overall inflation.
Some economists believe that uncontained health costs could pose a threat to the country’s economic growth. Health care costs will continue to grow and with rising costs, employers will want to pass costs onto their employees. American families will continue to spend more of their income on health care costs and less in other indsutries.
Read more about the effects of health care costs here or give Smith, Kunz and Associates a call at (208) 356-8500. We’d be happy to answer any questions you have!