Next year’s hike in health insurance consumer costs is projected to be 9.5 percent. That is on top of this year’s 9 percent increase and 6 percent in 2025. From 2000 to today, when inflation rates were typically 3 percent or less (except during COVID), the growth rate for health insurance costs has been 6-to-9 percent. Because of compounding, this means in the last 25 years, consumer insurance costs have more than quadrupled.
This year, the average U.S. family of four will have a gross take-home pay of $83,730 according to the Bureau of Labor Statistics. Healthcare costs for this same family will amount to $37,824, the bulk of it the price of ever-increasing insurance premiums.
The pattern is clear. The cost of health insurance keeps rising without regard to external factors and without providing any value to the consumer. When you pay more for something, you expect to get more. Why is this not true of health insurance? And will these mandatory, disproportionate, and progressively more unaffordable consumer costs continue to rise indefinitely? Apparently, the answer is yes.
In 2010, insurance costs were already unaffordable. After signing Obamacare into law, President Obama admitted that his namesake healthcare act would reform health insurance, rather than making health care affordable, despite its name, the Affordable Care Act (ACA). He further assured the public that Americans would save $2,500 on health insurance costs.
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