The High Cost of Health Care – Part 2

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In The News with Terrance McAndrews

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Americans spends about $2.4 trillion on health care every year.  One out of every six dollars spent in the US is spent on health care.  Health care makes up nearly 17% of our economy and in 25 years it’s estimated to be 25%.

Health care costs are increasing at a faster rate than in just about every other segment of our economy.  An aging population, expensive new treatments and remedies, and longer life expectancies are all contributing factors.  But the main reason costs are so high is that our prices are just plain higher.  But why?  In part 1 of our special two-part series we analyzed the high price of our health care discuss some of the reasons that contribute to it. 

In part 2 we discuss some of the reasons that hospitals [and drug makers?] can get away with charging such high prices for their medications.  We also discuss the different issues that need to be addressed on a societal level in order to help us get a better handle on health care costs. 

Steven Brill’s Time Magazine article can be found here.

 

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