Out Of Pocket Expenses Essay

It is no secret that healthcare in the United States is extremely expensive. From high-priced hospital stays to limited availability of necessary medications, the wide variety of healthcare services offered in the U.S. can become quite costly. Over time, technology in the medical industry has become extremely advanced, making it more effective and reducing the risk of errors, but high-tech products are more than likely to be extremely expensive. Although this plays a role in contributing to costly healthcare, other factors such as profit-driven healthcare centers, increasing salaries for medical professionals, and extensive diagnostic exams also significantly contribute to the rising prices of healthcare. Often, those in need of medical attention

The consistently increasing costs of healthcare services in the U.S. are due to a variety of factors relating to the administrative and technological processes involved in medicine. In the U.S., health care spending increased 4.1% to reach $4.5 trillion in 2022, with 11% of the total spending coming from out-of-pocket expenses, or expenses not covered by any form of insurance (Office of the Actuary). Out-of-pocket expenses often come from deductibles and copayments, commonly acquired from physician or clinical visits. Regardless of whether an individual is insured, out-of-pocket expenses often deter people from seeking medical care. Increasing prices of treatments, including the technology necessary for procedures and rising drug prices, is a major contributing factor to the increase in healthcare spending. The technology used in medicine is advancing consistently, becoming more expensive as it develops. Prescription drugs are also advancing, increasing production, and, as a result, cost. Rapidly advancing technology and science are not the only contributors to increased healthcare spending, though, it gets much