Healthcare costs are squeezing both patients and providers, a new report by U.S. News and World Report shows, as rising spending and a shrinking share of the economy for healthcare affect finances.
For starters, consumers a are spending 1.7 times more in out-of-pocket expenses for healthcare than 15 years ago and are paying more than twice as much for their deductibles over the last decade, according to the U.S. News Health Care Index, which was released Friday.
The number of individuals enrolling in private health insurance has dropped by more than 10 percent over the last 15 years while the percent of those gaining coverage through Medicare and Medicaid has close to doubled. From 2000 to 2013, private health insurance coverage decreased from 71.8 percent to 61 percent, according to the index.
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As providers faces declines in reimbursement from commercial plans, they are seeing more patients covered under the lower-reimbursement rates for Medicaid and Medicare.
The total percentage of people under the age of 65 with public health insurance coverage such as Medicare and Medicaid increased from 12.9 percent in 2000 to 23.8 percent in 2013, according to the index.
The percent of premiums paid by employees also increased by roughly 4 percent for both single and family plans, the report stated.
Meanwhile, there has been a 55 percent growth in prescription drug consumer prices, it found.
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On the economic front, healthcare's share of the job market has declined since 2011, despite healthcare jobs steadily increasing every year, from 9.7 million in 2000 to 12.5 million in 2013, the index reported.
The U.S. News & World Report index relies on data from the U.S. Bureau of Labor Statistics, the Centers for Medicare and Medicaid Services, the United States Centers for Disease Control and Prevention, the Department of Health and Human Services, the National Center for Educational Statistics and the World Health Organization.
Twitter: @SusanMorseHFN