Employers and employees alike have witnessed the consequences of what happens when prices render healthcare inaccessible. Yet, it seems the costs of health plans, hospital visits, treatment and drugs are not taking a dive anytime soon.
In just the last year, medical debt has grown to $140 billion nationwide, according to the American Medical Association. This is only bound to rise as healthcare costs continue their upwards trajectory. The Centers for Medicare and Medicaid Services reported that in 1970, healthcare spending hovered at $74.1 billion, but by 2019, this number rose to $3.8 trillion. Financial services organization, Peter G. Peterson Foundation, estimates that the U.S. will reach $6.2 trillion in healthcare spending by 2028.
