and what can you do about getting the care you need? How much are health costs up
Does the rising cost of taking care of your health give you the kind of stress that makes your prescribed blood pressure and anti-anxiety pills even more essential?
Everyone has noticed. “Medical care has gone up and prices have gone up about twice the rate as they have for the overall market,” said Steven Ullman, the chair of the Department of Health Management and Policy and director of the Center for Health Management and Policy at the University of Miami.
“Physician services have gone up about twice the rate of the overall consumer price index. Prescription drugs have gone up at about twice the rate and hospitals have gone up at almost four times the rate,” Ullman said.
According to the American Medical Association, healthcare costs are rising by about 4.5% a year. Spending on healthcare in the United States increased by 4.6% in 2019 — to $3.8 trillion across the country, or $11,582 per person. And health insurance costs have been driven up by the COVID pandemic, too.
Ullman also notes that prescription drugs like statins, to reduce cholesterol, can cost $14,000 a year. Some cancer drugs can be tens of thousands of dollars a month. A drug to treat hepatitis C can cost $84,000 for a three-month supply.
For some, skipping doses or taking a half dose so as to stretch a 30-day supply of, say, blood pressure pills to make them last for 60 days has been a strategy to weather rising drug costs. But that strategy is not advisable, is counterproductive by leading to costlier health problems, and can have fatal consequences, according to the National Institutes of Health.
“Here’s one of the great expenditures for people with chronic health conditions — diabetes. We have a diabetes epidemic ... in the U.S. Right now, one in 10 Americans currently have diabetes. It is expected by the year 2050 it will be one in three Americans have it — just to give you an idea of how much of an issue that is.”
The American Diabetes Association estimated the total costs of diagnosed diabetes rose to $327 billion in 2017 from $245 billion in 2012, the last time these costs were examined, and a 26% jump in the period. That $327 billion cost includes $237 billion in direct medical costs and $90 billion in reduced productivity.
On average, people with diagnosed diabetes have medical expenditures that are about 2.3 times higher than what expenditures would be if they did not have diabetes.
TIPS ON SAVING ON HEALTHCARE
Prevention: Healthier lifestyle choices that include a balanced, nutrient-rich diet, regular exercise and weight control and maintenance can be a cost-effective way of reducing pharmaceutical costs. Don’t smoke. Watch your sugar and sodium intake. Obesity, for instance, is a contributing factor in type 2 diabetes and other ailments like high blood pressure and high cholesterol and triglycerides when these ailments aren’t a result of genetics.
Shop around:
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Easier said than done, of course. If you can’t get health insurance via your employer, you may have to buy through the Affordable Care Act or Medicare Advantage program, if you are of a qualifying age. Compare and get help at healthcare.gov/lower-costs.
The National Institutes of
Health also suggests these moneysaving tips in addition to preventative steps you can take to boost your health:
Save by switching to generic medicines after consulting with your healthcare provider. Generics have the same active ingredients but cost less than brand name drugs.
Get routine health screenings. These tests, often without copays, can catch health problems early when they may be more easily treated.
Use free and discounted services. Some health insurance plans offer discounts on things like gym memberships or eyewear.
Plan ahead for urgent and emergency care by figuring out
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how serious your problem is and how soon you need medical care. If you can die from what’s bothering you it’s an emergency room visit. Examples include chest pain, trouble breathing or severe pain or bleeding. If you need care that can’t wait until the next day to see your provider, you need urgent care. Examples include strep throat, bladder infection or a dog bite. Urgent care centers are not as expensive as emergency rooms — but sometimes you or a loved one may need the services of the former. Ask about outpatient facilities for some procedures or surgeries as outpatient clinics aren’t as expensive as hospitals.
Choose in-network doctors. Choose a health plan that fits your needs.
Consider a Health Care Savings Account (HSA) or a Flexible Spending Account (FSA). These are savings accounts that let you set aside pre-tax money for healthcare expenses. You can often save several hundred dollars per year, the
NIH said.
The difference? HSAs are owned by you, earn interest, and can be transferred to a new employer.
FSAs are owned by your employer, don’t earn interest, and must be used within the calendar year.
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Howard Cohen: 305-376-3619, @HowardCohen
The cost of health care is up from doctors’ bills to rising drug and hospital prices. University of Miami business professor Steven Ullman has tips on how to save on some costs.