With health insurance premiums on a steady incline (up about nine-fold since 1960), American families are spending more than they ever have on healthcare.
As we stand right in the middle of open enrollment for 2018, the average unsubsidized individual is paying north of $300 per month for health insurance. Families are paying around $1,000. But that doesn’t include their respective $4,000 and $8,000 deductibles. And while these numbers might make you cringe, these numbers don’t tell the whole story.
Most folks don’t ever reach their deductible. Many people and families are subsidized. So while it’s not uncommon to pay these prices, not everyone does.
Plus, the younger you are, the less preventable many of the costs become. Most 20-somethings aren’t spending their deductibles on cholesterol medications.
But the picture becomes quite clear when we examine the statistics of Medicare.