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The Rising Cost of HealthCare for Families

Learn how you can help your members save money

Increases in premiums and out-of-pocket spending makes healthcare one of the costliest monthly items families must contend with. Steeper co-pays and deductibles, along with increased prices for drugs and medical supplies, makes your members’ paychecks stretch less.

According to a study published by the American Medical Association (AMA), health spending in the U.S. increased by 4.6% in 2019 to $3.8 trillion. This growth rate is in line with 2018 (4.7 percent) and slightly faster than what was observed in 2017 (4.3 percent).

Most of this spending landing in the following categories:

  • Hospital care 31.4%
  • Physician services 14.9%
  • Other personal health care costs 15.5%
  • Prescription drugs 9.7%
  • Net cost of health insurance 6.3%. This is the difference between what insurers incur in premiums and the amount paid in benefits. 
  • Clinical services 5.4%
  • Nursing care facilities 4.6%
  • Home health care 3.0%

In a 2017 study from the Journal of the American Medical Association (JAMA) the authors found five key factors were associated with healthcare increases from 1996 to 2013. Those factors are:

  • Service price and intensity
  • Population growth
  • Population aging
  • Disease prevalence or incidence
  • Medical service utilization

The study also discovered that service price and intensity made up more than 50% of the increase. 

These statistics are felt sharply in the wallets of your members. According to Kaiser Health News many U.S. adults spend 46% on out-of-pocket costs not covered by their medical insurance. Higher healthcare costs can prevent your members from skipping out on needed care.

How can you help offset the rising health care costs of your members?

By offering your members a hearing care benefit you can help your members and their families lower indirect healthcare costs, which also includes conditions that are associated with hearing loss.  An additional bonus to offering a hearing benefit helps to ensure employee loyalty.

Your Hearing Network is a hearing care partner that works with you to create customizable turnkey solutions. Our hearing care plans provide discounted state-of-the-art hearing products, free screenings, superior customer service, and a network of highly qualified, credentialed hearing health providers. 

YHN can help ease the pain your members feel in their wallets with plans that are affordable for your organization. Learn more about YHN’s hearing health solutions and download our free white paper on hearing aids.