Healthcare costs are rising for families. In 2015 the US spent 18 percent of gross domestic product (GDP) on healthcare, up from 13 percent in 2000. For every dollar spent on healthcare, families paid 11 cents out of pocket and 28 cents after including insurance costs. While the Centers for Medicare and Medicaid Services project healthcare spending to continue to grow faster than GDP through 2025, the future of family-paid healthcare costs also rests with policy choices currently being debated. Out-of-pocket costs are a key piece of that picture, as family healthcare spending has a meaningful impact on families’ financial lives.
In its latest report, the JPMorgan Chase Institute set out to better understand out-of-pocket healthcare spending among 2.3 million US consumers on a month-to-month basis, at the state, metro and county level, with data as recent as 2016.
Key findings include:
Access the full report for more findings.
Weekly insights on the economic issues that matter most to your business.