Health insurance costs are far outpacing inflation, leaving more consumers on the hook each year for thousands of dollars in out-of-pocket expenses. At the same time, some insurers are rejecting nearly 1 in 5 claims. That double whammy is leaving Americans paying more for coverage yet sometimes feeling like they're getting less in return, experts say.
Frustration over denials and medical costs has fueled an outpouring of vitriol against health insurance companies in the wake of the murder of UnitedHealthcare CEO Brian Thompson. Also last week, a similar outcry led Anthem Blue Cross Blue Shield to reverse a decision to limit anesthesia coverage during surgeries.
The anger may be rooted in fears that unexpected medical costs could prove financially ruinous, as well as concerns that essential care could be denied by an insurer, putting health and well-being at risk even for those who have health insurance.
Some of those anxieties are well-founded: The top cause of bankruptcy in the U.S. is health care-related debt, underscoring the financial stresses that can stem from high medical costs.
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