US: Average household spending on healthcare is rising by 1.4% each year says new report

May 5, 2011 - PRLog -- According to the report ‘Out of Pocket Healthcare Spending 2011now available at: http://www.pharmaceutical-market-research.com/go/KAL00105 the costs of health care products and services continue to rise briskly, significantly outpacing currently low inflation rates. According to the U.S. Department of Labor, the average household's spending on health care after inflation has been rising by about 1.4% each year. Retirees have been particularly hard hit, with inflation-adjusted out-of-pocket costs rising by more than 2% each year as a result of increased spending on prescription drugs.

While insurance is the most common form of payment for healthcare services, increasingly customers are paying for their own expenses. Pharmaceutical, device and diagnostic companies, should recognise that a part of their revenues are originating directly or indirectly from out of pocket expenditures. Unique financial services have been created to facilitate non-insurance-paid health care services, and more are expected to be created in the near term.

The economic recession of December 2007 to October 2009 represented a major downturn that led to broad-based cost-cutting, rising unemployment and reduced disposable income. The impact of the pullback - which some experts compared to the Great Depression of 1929 to 1934 - cannot be overstated. The report looks at what change has resulted in out of pocket expenditure for healthcare as a result of the recession and weak recovery.

Product ID: KAL00105

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