People Are Sharing Medical Bills From The 20th Century To Show Just How Out-Of-Hand Prices Are Now (30 Pics)

It's no surprise that Americans spend a huge amount of money on healthcare each year. High insurance premiums, high deductibles, copays, and other out-of-pocket expenses are just some of the costs associated with health and wellness in the country.

According to Investopedia, one of the most apparent reasons when it comes to ever-rising healthcare costs is government policy. Since the inception of Medicare and Medicaid—programs that help people without health insurance—providers have been able to increase medical prices.

Another crucial reason is inflation as it’s no secret that healthcare prices have soared exponentially in the US over the last several decades. A joint study from Peterson Center on Healthcare and the Kaiser Family Foundation (KFF) showed that healthcare spending in the country rose nearly a trillion dollars between 2009 and 2019, when adjusted for inflation.

The study also showed that during 2019, healthcare spending was nearly $3.8 trillion ($11,582 per person), but it will climb to a whopping $6.2 trillion ($18,000 per person) by 2028.

Today, two-thirds of people who file for bankruptcy cite medical issues as a key contributor to their financial downfall. A recent study reported that 66.5% of all bankruptcies were directly tied to medical issues, because of either high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, which for many seems like a worst-case scenario.

“Despite gains in coverage and access to care from the ACA, our findings suggest that it did not change the proportion of bankruptcies with medical causes,” stated the co-author David U. Himmelstein, commenting on the study published in the American Journal of Public Health.

“Unless you’re Jeff Bezos, people don’t have very good alternatives, because the insurance that is available and affordable to people, or that most people’s employers provide them, is not adequate protection if you’re sick,” he added.