US spends two and-a half times the OECD average.
The U.S. spends more than any other country in the world. Healthcare spending in the U.S has grown 4.6 percent reaching $3.8 trillion or $11,582 per person according to a 2019 CMS report (Centers for Medicare & Medicaid Services). Health spending accounted for 17.7% of the gross national product. Healthcare spending is projected to reach $5 trillion by 2026, which would be a 5% increase from last year alone.
Only 80% of health insurance premiums go towards paying for service, while the other 20% is lost in administrative overhead. Oftentimes hospitals go unpaid for months, or longer—causing ever increasing costs for those who do pay.
SPENDING + SATISFACTION
According to a KFF (Keiser Family Foundation) study in 2020, the average family pays $21,342 a year for health insurance. That’s more than the median annual income of an American household. And it’s not just premiums that are going up—deductibles are too. In fact, in 2020, the average deductible is $1,644 – that’s an 111% increase in a decade and patient satisfaction has decreased by 13%.