Does it feel like you’re paying more at the gas pump? At the grocery store?
You’re right.
According to the latest data from Pew Research, prices are up an average of 8.6% from last year. And that’s the average. Energy costs are up even higher, up 33%.
And, yes, you’ll be paying more for healthcare.
The economic effects of the pandemic, both nationally and worldwide, are still being revealed. But what researchers can measure today is that medical supplies have seen an inflation rate of 20.6% per patient, and hospital drug expenses are up 28%. Healthcare systems are also paying more for personnel, with inflation costs rising 19% over that past two years.
What does all this mean for you? And what can you do?
First, these costs will trickle down to you, the consumer. Hospitals, pharmacies, and providers will be charging more to cover their personnel, supply, and pharmacological costs. Those higher charges will ultimately lead to higher healthcare premiums and increases in healthshare contributions.
It’s obviously not the news any of us want to hear, but it’s an important set of data to keep in mind when reviewing your finances and budget for the year.
Second, it’s important to review what your healthcare features are, what discounts are available to utilize, and what your out-of-pocket could be for the remainder of the year. Are there features that you haven’t noticed that could help reduce your costs, like pharmacy and lab discounts? Is telemedicine included in your healthcare options? Are those services included as part of your healthcare and don’t bring you any extra charges or is that something extra? And when you compare your current healthcare with other options out there, how does it measure up?
While good value, affordability, and quality are always in season, when inflation rates soar, those things become more important than ever. If you’re currently a Member of Altrua HealthShare, you’ll continue to find that your healthcare membership is about half of traditional insurance, with telemedicine, discounts, and other features included, all of which can help keep your healthcare costs lower in a high price environment.
If you’re not currently a Member of Altrua HealthShare, it might be time to consider if being part of a healthshare could be the right fit for you. Healthcare inflation is projected to continue to rise, through the end of 2022 and beyond. To learn if Altrua HealthShare could be the right fit for you and to learn how much you could save, click here for a handy calculator that can help you determine your options.
While higher costs may be here to stay, there are alternatives to expensive healthcare that can help take the sting out of the sticker shock. Altrua HealthShare has been sharing in eligible medical needs for over 25 years, and remains committed to bringing individuals and families affordable, quality options for their health.
- https://www.pewresearch.org/fact-tank/2022/06/15/in-the-u-s-and-around-the-world-inflation-is-high-and-getting-higher/
- https://www.aha.org/news/perspective/2022-05-13-perspective-climbing-costs-and-rising-inflation-challenge-hospitals
Julie Lyles Carr is a best-selling author, podcaster, and entrepreneur living in Austin, Texas, with her husband Mike Carr. They have eight kids, two unfriendly cats, and an antique dachshund.