Health Insurance Premiums And Affordability In Europe: Exploring The Challenges

Health Insurance Premiums And Affordability In Europe: Exploring The Challenges – In this set of charts, we examine how US health spending compares to health spending in other similarly large and wealthy OECD countries, based on median GDP and median GDP per capita. For this analysis, we examined the OECD Health Statistics database and CMS National Health Expenditure Accounts data.

Relative to the size of its economy, the United States spends far more on health care than other high-income countries.

Health Insurance Premiums And Affordability In Europe: Exploring The Challenges

Rich countries, including the United States, tend to spend more per person on health care and related costs than low-income countries. However, even among higher-income countries, the United States spends far more per person on health.

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Comparing health care costs in the United States to other countries is complicated because each country has unique political, economic, and social characteristics that contribute to its costs. Because health care costs are closely related to a country’s wealth, the remaining charts compare the United States with similar OECD countries—countries with both above-average national income and above-average per capita income (as measured by manufacturing GDP and average GDP measured per capita) in at least one country. since last ten years

On average, other large, wealthy countries spend about half as much per person on health as the United States.

Health care spending per person in the United States was $12,914 in 2021, more than $5,000 more than in any other high-income country. The average amount spent on health care per person in comparable countries ($6,125) is less than half of what the United States spends per person.

In all countries with available data, per capita health spending increased between 2020 and 2021. In the United States, per capita health spending increased by 2.6 percent, a smaller increase than in Austria, France, Germany, the Netherlands, Sweden, and the United States. Kingdom. Austria had the largest increase in per capita health spending among countries with available data between 2020 and 2021, at 13.8 percent.

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This 2.6 percent increase in per capita health spending is down from a 9.9 percent increase from 2019 to 2020. This is likely due in part to a 3.5 percent decline in federal government health spending in 2021 compared to a 36.8 percent increase the previous year. 2020.

Health spending as a share of GDP in the United States in 2021 declined as the economy improved and health spending grew more slowly.

Over the past five decades, the gap between health spending as a share of the economy in the United States and similar OECD countries has widened. In 1970, the United States spent about 6.9% of its GDP on health, similar to that of several comparable countries (the average for relatively wealthy countries was about 4.9% of GDP in 1970). The United States kept pace with other countries until the 1980s, when health spending in the United States grew at a significantly faster rate than its GDP. Since then, health spending as a share of the economy has grown faster in the United States than in peer countries.

The COVID-19 pandemic led to increased health care costs and the economic recession led to an increase in health care costs as a share of GDP in the United States and every comparable country between 2019 and 2020. In 2020, the United States spent 19.7% of its spending. GDP in health consumption (from 17.6% in 2019). In 2021, health spending as a share of GDP will decline to 18.3% in the United States—but still significantly higher than peer countries.

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While the United States has long had above-average health care costs, recent years have seen higher costs grow in other countries. Historically, the 1980s saw rapid growth in per capita health care spending in the United States. The average annual growth rate of 9.9% in the United States during the 1980s was significantly higher than that of similar countries. Relatively rich countries saw annual growth of 7.3 percent during this period.

Looking at 5-year growth rates, during the period 2005-2010, the United States saw an average annual growth rate in health care spending of 4.1%, compared to 7.2% in the previous five-year period. Comparable countries also saw a decline in average growth in health spending, from 4.6 percent average annual growth in the period 2005-2010, from 5.3 percent in the period 2000-2005. The annual growth rate for the comparable country average increased to 9.3 percent between 2020 and 2021, compared to a 2.6 percent increase for the United States over the same period.

Patterson Health Care Center and KFF collaborate to monitor the performance of the US health care system in terms of quality and cost. Of those who purchased the most expensive private hospital IP, less than half actually sought treatment at a private hospital. Photo: ST FILE

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SINGAPORE – Almost three million people here have Integrated Shield (IP) plans that pay for private care in hospitals. However, more than half choose subsidized care when hospitalized.

The latest data available on the Central Provident Fund (CPF) Board’s healthcare financing website shows that from 2020 to 2022, 57% of Singaporeans and Permanent Residents (PRs) applying for higher cover with IPs that supplement their basic MediShield Life insurance They have paid. Subsidized sectors

Of those who bought the most expensive private hospital IPs, less than half actually sought treatment at a private hospital.

People have different states of mind when they buy insurance and when they actually use it. At the time of purchase, maximum coverage is sought with the greatest discretion.

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“However, in actual use, especially in these situations with co-payments and uncertainty about the size of the final bill, they choose to be cautious and downgrade.”

Mr Alfred Chia, chief executive of financial consultancy SingCapital, said people may turn to private care for some conditions, but turn to subsidized care for chronic problems.

“The IP only pays for the hospital ward. If the person needs medication or long-term treatment, it’s out of their own cash. Opting for subsidized treatment means they continue to pay subsidized rates for follow-up.

Mr Chia said many people buy their IP when they are young and their premiums are low. As the premium is paid by MediSave, most don’t think about it until they reach the age where they need to top up the premium with cash.

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He suggested people check their IP regularly to see if it still matches their health and financial profile.

For 70% of people with an IP, the cost is paid with MediSave money, subject to age restrictions. Premiums that are above the ceiling must be paid in cash.

Based on the average annual payment for private hospital IP, more than half of the premium must be paid in cash by the time a person is in their late 60s.

By the time they are in their 80s, the cash component of the premium will likely be more than $5,000 per year.

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“Before purchasing an IP, it is essential to consider the coverage you need and its long-term affordability,” the CPF panel advised.

Based on current premium rates, they say someone with IP associated with private hospital care would pay $187,000 in premiums over their lifetime – and that doesn’t take into account future premium increases.

By contrast, someone who only adheres to MediShield Life, the national compulsory medical insurance, would pay less than a third in premiums – about $56,000 over their lifetime.

The two million riders who pay the bulk of their bill will also have to pay the extra premium in cash.

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The Department of Health requires a minimum deductible of $1,500 to $3,500, depending on the plan, before coverage begins.

The CPF Board said that basic MediShield Life together with MediSave will fully cover the bills of 70% of subsidized Singaporean patients.

Of the rest, a third must pay $100 or less in cash, another third pay $100 to $500, and the rest pay more than $500.

The board noted that although IPs cost more, they “may not provide higher payments for hospitalizations in B2 and C segments”.

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Patients in Class B2 and C wards in public hospitals will receive a 50-80% subsidy if they are Singaporeans, and 25-50% if they are PRs.

Consider whether paying IP premiums is an efficient use of your MediSave. Your savings in a MediSave account can earn an attractive interest rate of 4% per annum, which can help meet your future healthcare needs, the CPF board said.

But he said more needs to be done to overcome this “inherent conflict in behaviour”, such as real data sharing. Health Reform welcomes questions, suggestions, and tip sheets at @joseph.

For employer-sponsored health insurance in 2020, premiums and deductibles accounted for 11.6 percent of median U.S. household income, up from 9.1 percent in 2010, according to a report released Jan. 12. 2010–2020, Commonwealth Fund, New York, January 2022.

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