Healthcare can be very expensive, especially if you don’t have insurance. If you encounter a medical emergency that you are unable to pay for right away, you should consider using a cash loan to help cover the cost. This is especially recommended since the the cost of medical care is quickly rising.
Healthcare Expenses On The Rise
A recent study conducted by Deloitte indicated that Americans spent an estimated $363 million on healthcare during the course of 2022. This is a 14.7 percent increase from just four years earlier, and this rate of inflation isn’t expected to slow anytime soon.
Cutting Into Household Budgets
As a result, experts say the medical expenses are quickly delving into other areas of consumers’ budgets, leaving them unable to meet additional financial demands. During the first quarter of 2022 alone, the average family of four spend nearly $1,000 on out of pocket medical expenses, which is a 3.3 percent increase from a year earlier, according to a report from Palo Alto-based Simplee.
Meanwhile, for American families who are insured, healthcare premiums rose 9 percent in 2021 from the previous year to an average annual payment of $15,073, according to the Kaiser Family Foundation. However, most employers covered nearly 72 percent of this cost, which still left household with an annual tab of roughly $4,000.