Health Care Costs Eat Away Wages

A study posted on Tim Taylors blog finds:

“To paint an accurate picture of how health care cost growth is affecting the finances of a typical American family, RAND Health researchers combined data from multiple sources to depict the effects of rising health care costs on a median income married couple with two children covered by employer-sponsored insurance. The analysis compared the family’s health care cost burden in 1999 with that incurred in 2009. The take-away message: Although family income grew throughout the decade, the financial benefits that the family might have realized were largely consumed by health care cost growth, leaving them with only $95 more per month than in 1999. Had health care costs tracked the rise in the Consumer Price Index, rather than outpacing it, an average American family would have had an additional $450 per month—more than $5,000 per year—to spend on other priorities.”

Full post can be found here.

36 Responses to “Health Care Costs Eat Away Wages”

  • This study is spot on. Our over-regulated and monopolized (depending on what part of the country you are in) health care industry, from insurance to pharmaceuticals to medical equipment to treatment to doctor’s visits is so bloated and expensive government is the only entity that can consistently afford to provide health coverage for millions, and let’s face it, even Medicare and Medicaid is somewhat inadequate in getting its enrollees the care they need.

    I would even go as far to say that health costs also leads to companies cutting corners in terms of the quality of the products/services being offered to consumers, the price of said product and/or service and (if publicly traded) the amount of dividends paid out to its shareholders, if it pays out dividends at all. Is it any wonder that outsourcing to other countries has become so rampant over the last few decades?

    These healthcare regulations are a joke anyway, as they are certainly not written with the consumer’s interest in mind, but exist for the primary benefit of big pharma and big insurance companies. I’d be afraid of Obamacare if so many states, companies and municipalities weren’t being given opt-out waivers; at this rate, so few entities will be forced to submit to universal health care mandates that by 2013 few people will even care if Congress passes it into law.

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