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We Received Our 2023 Health Care Cost Increase [1]

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Date: 2023-01-07

Who Cooks for You?

Good morning. Just dropping by...and feeling pretty good.

I received our updated payment schedule of COBRA premiums for 2023. I retired last year, and COBRA works out as the best method for us to bridge the age gap to Medicare. It is a pricey, but temporary, solution for our situation. If we had a larger coverage gap we’d be shopping the ACA market for an appropriate plan. We are fortunate to have options.

I was expecting a healthy jump in cost, given the daily inflation headlines, not to mention all the lingering COVID costs. The increase was 1.65%, plus a small increase in the deductible. In constant dollar terms, the cost went down. Some of that is my ex-employer’s excellent plan to incent fitness, with financial incentives for gym memberships, other fitness programs, in-office health screenings, etc. That program was a spectacular success, keeping the company’s healthcare premiums essentially flat for the last 6 years. But there are also bigger factors at play.

I pulled up some of the wonderful data available at the Center for Medicare and Medicaid Services.

Historical Total Health Spending in the US

You can see that US healthcare costs were on a remarkable ride for decades, increasing from 5% of GDP in 1960 to 17.2% in 2010. That rate of increase has significantly slowed, reaching 17.6% in 2019. We did have a jump to 19.7% in 2020, moderating to 18.3% in 2021, reflecting the cost of COVID. All of that has to be viewed within the context of an aging population that consumes more heath care resources each year.

Compared to the rest of the world, that is still excessive. Some quick reference searches show that France, Germany, Canada, and Japan spend only around 11% of their GDP on healthcare. But at least the curve has been flattened, and we should not understate the importance of that success.

It’s not just the cost situation that has improved. We all know the long list of other benefits that Obamacare has brought. Recite them to your friends. Often.

The progress made to date on healthcare is one of the main reasons I am now a Democrat. Healthcare is at least available to me. I’m not stuck in a particular job just to keep coverage. I have options, and I will not go bankrupt if I get sick. It is a huge win for millions, and it should receive more credit.

The GOP may well be back, ready to take another bite out of this successful program. The more people realize what the ACA has done, the better chance of keeping and expanding it.

Thanks for reading. I wish you a happy, healthy, and well-insured 2023.

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[1] Url: https://www.dailykos.com/stories/2023/1/7/2143559/-We-Received-Our-2023-Health-Care-Cost-Increase

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