Comparison shopping for the best prices – whether it’s car insurance, appliances or toilet paper – helps consumers stay on budget.
Healthcare services, according to a new report from the Commonwealth Foundation, shouldn’t be any different.
The costs of health care for average Americans have been hit particularly hard by the sustained high inflation the U.S. economy has seen over the past few years, according to KFF, a nonpartisan organization focused on health policy.
Just this year, premiums on family health insurance coverage for workplace plans increased by 7%, even as Americans’ wages only grew by 5.2% and total inflation rose by 5.8%, while over the last five years, premiums have risen 22% with wages increasing 27% and inflation 21%, according to a KFF news release. Inflation has continued to remain well above the Federal Reserve’s 2% target, rising 3.7% year-over-year in September after increasing the same in August.
Pennsylvania’s state council to control healthcare costs is staring down a $1 million deficit within its own budget.
The most significant costs above funding came from contracted services and salaries and benefits for council staff. The Pennsylvania Health Care Cost Containment Council is an independent agency that aims to limit cost increases through competition in the health care market.