Spending trillions for medical needs: A breakdown of costs
Healthcare costs in the United States are projected to account for 17 percent of the country’s economy, translating to over $9,110 spent per person on medical needs. Despite the trillions of dollars that fall into this portion of the economy, little is known about how the costs breakdown.
A recent study published by the Journal of American Medicine searches through data for the answer to this question. The researchers review the diseases and conditions that tend to cost the most in an effort to increase our understanding of spending in this sector.
How was the study conducted? Researchers with the study reviewed data from a variety of sources, including insurance claims and facility surveys. This data included information about 155 conditions spanning from 1996 to 2013.
Conditions reviewed included diabetes and heart diseases as well as 29 types of cancer.
What did the researchers find? The results of the study point to diabetes costing the most. Those seeking care in the United States spent approximately $101.4 billion on treating this disease. This cost was further broken down into 57.6 percent going towards medications and pharmaceuticals and 23.5 percent towards ambulatory care.
The second and third most costly conditions were heart disease followed by neck and back pain.
What can we learn from this study? This study provides further evidence that those who are struggling with medical debt are not alone.
For some, bankruptcy may provide a way to help better manage these costs. There are different chapters of bankruptcy that can offer relief, and determining the right option depends on the specifics of your situation.
As a result, those who are considering bankruptcy are wise to seek the counsel of an experienced attorney. A bankruptcy lawyer can review the details of your situation and help to better ensure that you choose the best option for your future financial security.