New Report: Rising Health Care Costs Impact Wages and Job-Provided Insurance

From the Economic Policy Institute (http://www.epi.org/):

The Affordable Care Act was a huge step forward in fixing America’s broken health care system. But it was never meant to be the end—there is still more work to do. Americans spend far more than our peers on health care. And contrary to popular belief, this isn’t because we go to the doctor more or get better care. It just costs more. To this end, policymakers in Washington need to focus on controlling health care prices, not restricting patients’ use.

This is the conclusion of a new report by EPI Research Director Josh Bivens.

Bivens says: “Rising health costs are the clearest sign of how dysfunctional the American health care sector is. We spend far more for the same—or worse—quality health care as our international peers, which has a tremendous impact on typical workers’ wages and their ability to secure healthcare on the job. Health care debates need to move beyond the Affordable Care Act, and the clearest remaining goal for policymakers is reining in the fast-rising costs of American health care.”

The rising cost of health care has cost American workers almost $390 billion in potential wage increases since 1979.

Please share this graphic which shows that Americans pay significantly more out-of-pocket for prescription drugs and medical procedures than other countries.

Outsized health spending in the United States is not because Americans consume more or better health care than residents of other rich countries. It is simply due to prices: prices on pharmaceuticals, physician salaries, and medical procedures.

Together, we’re calling on policymakers in Washington to focus on controlling health care prices, not restricting use.

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