Health care costs rise by most in 32 years
NEW YORK (CNNMoney) — Health care costs rose sharply in August.
Prices for medicine, doctor appointments and health insurance rose the most last month since 1984. The price increases come amid a broader debate about climbing health care costs and high premiums for Obamacare coverage.
A recent report by Kaiser/HRET Employer Health Benefits forecasts that the average family health care plan will cost $18,142, up 3.4% from 2015. That’s faster than wage growth in America.
Medical care costs altogether rose 1% just in August from July, according to the Consumer Price Index, a report on price inflation from the U.S. Labor Department.
Premiums on the Obamacare exchanges are expected to rise by double-digits this year.
Some health insurers, such as Aetna, have recently announced they would pull out of the Obamacare exchanges, saying Obamacare patients have turned out to be sicker and costlier than expected.
Overall, workers are paying up more for deductibles. Over half of U.S. workers with single coverage health insurance plans pay a deductible of $1,000 or more, up from 31% of workers in 2011.
And the health care price increases come as inflation overall continues to be low. Consumer prices altogether rose 1.1% in August compared to a year ago.