Out of pocket expenses health insurance1/18/2024 ![]() Significant: at least 2 percent of take-home incomeĪmong families with normal healthcare spending in 2015, those who transitioned to higher spending in 2016 also experienced faster growth in take-home income (4 percentage points higher) and liquid assets (6 percentage points higher) than families who exhibited normal healthcare spending again in 2016.Ratio of mean monthly out-of-pocket healthcare spending, take-home income, and liquid assets to their respective levels in January (2013-2016) In each year during 2013-2016, families had the highest out-of-pocket healthcare spending in months of elevated income: March and April (tax refund season), October, and December. Monthly healthcare spending was highly correlated with monthly take-home income. ELEVATED DENTAL AND HOSPITAL PAYMENTS PRIMARILY CONTRIBUTED TO HIGH HEALTHCARE SPENDING. Roughly HALF of these families spent 9% of their take-home income AGAIN the next year.įAMILIES MADE LARGER HEALTHCARE PAYMENTS IN THE MONTHS AND THE YEARS WHEN THEY HAD A HIGHER ABILITY TO PAY. That 9% is roughly the amount that one family spends on cell phone and utility bills per year. The top 10 percent of families in terms of healthcare burden spent 9% of their take-home income on out-of-pocket healthcare expenses. The top 10 percent of families in terms of healthcare burden spent 9 percent of their take-home income on out-of-pocket healthcare expenses-as much as a typical family spends on all combined utility and cell phone bills in a year-and 48 percent of them did so again the following year. Percent of total out-of-pocket healthcare spending ![]() Percent of total out-of-pocket healthcare spending by precentile of healthcare spending in 2016 Seventeen percent of families had no healthcare spending in 2016. ![]() The top 10 percent of healthcare spenders contributed 49 percent of total out-of-pocket spending in 2016. Out-of-pocket healthcare spending was highly concentrated among a small segment of the population. THE TOP 10 PERCENT SPENT 9 PERCENT OF THEIR TAKE-HOME INCOME ON OUT-OF-POCKET HEALTHCARE EXPENSES. OUT-OF-POCKET HEALTHCARE SPENDING WAS HIGHLY CONCENTRATED AMONG A FEW FAMILIES-OFTEN THE SAME FAMILIES YEAR-OVER-YEAR. In this report, we describe the creation of, and initial insights gleaned from, this new data asset. The JPMCI HOSP provides a first-ever look into out-of-pocket healthcare spending for households on a month-to-month basis, at the state, metro, and county level, and as recent as 2016. We explored the levels, concentration, and growth of out-of-pocket healthcare spending and the implications of these spending trends for overall household financial health. Building off a sample of 2.3 million de-identified core Chase customers aged 18 to 64 between 20, we created the JPMorgan Chase Institute Healthcare Out-of-pocket Spending Panel (JPMCI HOSP). The JPMorgan Chase Institute set out to better understand out-of-pocket healthcare spending among US households. Out-of-pocket costs are a key piece of that picture. ![]() While the Centers for Medicare and Medicaid Services projects health spending to continue to grow faster than GDP through 2025, the future of family-paid healthcare costs also rests with policy choices currently being debated. For every dollar spent on healthcare, families paid 11 cents out-of-pocket and 28 cents after including insurance costs. In 2015, the US spent 18 percent of Gross Domestic Product (GDP) on healthcare, up from 13 percent in 2000. Healthcare costs are rising for families. Families in Colorado spent the most on healthcare, while families in Louisiana spent the highest fraction of their gross income on healthcare. Go to finding 6There was dramatic variation in out-of-pocket healthcare spending across and within our 23 states.Elevated dental and hospital payments primarily contributed to high healthcare spending. Go to finding 5Families made larger healthcare payments in the months and the years when they had a higher ability to pay.The top 10 percent spent 9 percent of their take-home income on out-of-pocket healthcare expenses. Go to finding 4Out-of-pocket healthcare spending was highly concentrated among a few families-often the same families year-over-year.Dental and hospital payments were less common but larger in magnitude. Go to finding 3Doctor, dental, and hospital payments accounted for more than half of observed healthcare spending.Go to finding 2The financial burden of out-of-pocket healthcare spending was highest for older, lower-income, and female account holders and increased in 2016 for low-income account holders.Go to finding 1Out-of-pocket healthcare spending grew between 20, but remained a relatively constant share of take-home income.
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