For an average American, the cost of growing old is exorbitant. The expense of buying medicines comes to about thousands of dollars every year. This is excluding the large amounts of money paid for Medicare health insurance. Extra medication charges also add up to make up a painful sum. No wonder many Americans now search for other options.
American health care problem
The US Government spent a staggering $10,348 for every American on his or her healthcare in 2016. This amount is much more compared to the quantum of money spent by other developed countries. To put the number in proper perspective, the United Kingdom spent approximately $4,192 for every Briton the same year. The principal culprit behind this gargantuan expense is the pharmaceutical industry. It is the largest contributor to yearly healthcare expenses. As per Kaiser Family Foundation, approximately $11.9 billion was sucked in by pharma majors in New Jersey only in 2017. This figure at the granular level comes to approximately $1,321 for every person in the state.
The last 10 years have been unchanged for the supply chain network offering healthcare in the United States. These include insurers, drug manufacturers, policymakers, and providers. There has been one change, however- people are frustrated by variations in the coverage rates and price negotiations. They want answers as to why expenses are so high for a visit to the emergency room, testing procedure or prescription of branded drugs. Katherine Hempstead of Robert Wood Johnson Foundation pointed out that the last eight years have been a time where a steady din has been drummed into consumer' ears about quality being unaffected by hospital prices or medications. The latter is now totally dissatisfied with such state of affairs. They now seek answers from stakeholders about such subjects. Hempstead is a senior adviser at the foundation.
Hempstead said that people nowadays are financially responsible when it comes to healthcare. This is unlike the past when an American had to bear a portion of the expenses. She elaborated on the matter saying that medicines were cheap earlier, with average expenses in double digits. The present times push a $1,500 deductible and patients are forced to pay a lot for things they should not have to spend money on. A number of consumers now wonder whether an expensive medicine is really worth the price. High medicine prices have made many of them unaffordable.