The cost of health insurance fell by twenty four percent in 2023

Since the Affordable Care Act was passed over a decade ago, the percentage of people without health insurance has fallen from 17.8 percent in 2010 to 7.1 percent in 2023. The ACA helped millions of people, many with lower incomes, gain access to healthcare for the first time and as insurance pools grew and federal funds were being used to expand Medicaid, prices began to fall. However, since the pandemic, and even before (with the elimination of the individual mandate), healthcare spending and costs have begun to rise at a staggering rate. The increased costs have made it difficult for some patients to seek care, which could put their health outcomes at risk. Although millions of people now have coverage, unaffordable care limits the positive impact that this policy can have on their health.

Patients are still putting off medical care

In 2023, the cost of health insurance decreased by twenty-four percent. Nevertheless, the price of medical services increased, which indicates that even though the cost of health insurance policies is decreasing, the cost of using these policies is rising. These cost increases have an impact on patient behavior. In 2022, when health insurance prices were much higher than today’s, thirty-eight percent of insured respondents told Gallup that they or a family member had postponed medical care due to the high-cost barrier. Compared to December 2019, patients paid eight percent more for medical care in the same month in 2023.

According to the Kaiser Family Foundation, in 2022, the United States spent $12,000 per person on healthcare. This is more than twice what was spent in Japan and the United Kingdom, both of which have a higher life expectancy than the US. Many other countries also spend less on healthcare but have better healthcare outcomes than the US. These countries have public healthcare systems where citizens are not required to pay co-pays for doctor visits, and governments can negotiate with pharmaceutical companies to keep prescription drug costs down. A study by the US Centers for Disease Control and Prevention found that 8.2 percent of people taking prescription drugs were not taking the correct dosage due to high medication costs. This is a dangerous practice that is not as common in countries where drug prices are kept affordable through negotiations.

Healthcare reform is no longer a popular topic in Washington, but this comes at a dangerous time when life expectancy in the United States is decreasing, largely due to drug overdoses. It is crucial for a country’s healthcare system to provide its citizens and residents with increased access to ensure their well-being. If the health outcomes are declining, policymakers should take this as a sign that the system is failing to achieve its objective.