Home | News & Opinion | 43% of Americans expect to pay more for healthcare in 2016

43% of Americans expect to pay more for healthcare in 2016

By
Font size: Decrease font Enlarge font
43% of Americans expect to pay more for healthcare in 2016

The second-biggest household expense after housing is expected to get even larger in 2016.

According to the latest survey conducted by personal finance website GOBankingRates.com, 43% of Americans expect to pay more for health insurance in 2016, with 23% expecting to pay "a little more than the last year" and 20% expecting to pay "a lot more than the last year."

To see what kind of cost increases Americans are anticipating, the company conducted a Google Consumer Survey, asking over 5,000 respondents, "How much do you expect to pay for healthcare in the next year?" 

The breakdown of responses according to the four answer options is as follows:

  • Less than the last year — 20%
  • Same as the last year — 37%
  • A little more than the last year — 23%
  • A lot more than the last year — 20%

"Healthcare costs are definitely trending up and are likely to continue to do so as states continue to conform to standards set by the Affordable Care Act," said Elyssa Kirkham, the lead GOBankingRates reporter on the study. "With wages remaining relatively stagnant, higher prices on everything from health insurance premiums to prescription drugs will put pressure on Americans' budgets."

Additional findings:

  • Almost half (48.7%) of individuals 65 and older expect to pay more for healthcare, whereas only 14% of respondents in the same age group expect to pay less in 2016.
  • About 40% of women expect health costs to stay the same, compared with only 33.4% of men.
  • Hawaii, Iowa and Oklahoma are the only three states with a majority of respondents expecting healthcare costs to decrease.

 

 

Join PRESIDENT&CEO on LinkedIn

Subscribe to comments feed Comments (0 posted)

total: | displaying:

Post your comment

  • Bold
  • Italic
  • Underline
  • Quote

Please enter the code you see in the image:

Captcha