Why Health Insurance and Healthcare is expensive in the USA? _we explain

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Why health insurance is so expensive? Individual medical policies are like individual life insurance policies—they generally become more expensive with age, and with health care costs skyrocketing, so are the health insurance premiums. But that’s not the only reason that drives the health insurance premiums up. Medical Costs are the main factor that drives the premium of health insurance up. For example Federal government spent 23% this year on healthcare cost and only 14% on education.
So it’s no surprise that along with increased health care cost comes increased health insurance premiums.
But why? Why health insurance and healthcare costs are so expensive?
Let’s start with the basics.
Insurance is a bit like a gamble between you and the insurance company. The company bets that they’ll take in more money in premiums than they have to pay out in benefits. You’re paying a premium every month just in case something happens.
If there are many sick people that buy insurance and use the benefits, what happens is the insurance companies have to pay more than they get in premiums. As a result, the insurance companies have to increase the premium so they can keep up with paying the claims.
Now, let’s look at the fact why the healthcare costs are expensive.
There are so many reasons why health insurance is expensive, but let’s start with the fact that the cost of medical school training and education is ridiculous, putting up a huge barrier to entry, essentially making it required that doctors are paid extremely well in order to justify the high price of the education.
Other factors that make health insurance so expensive include the demand for the latest technology and the high cost of malpractice insurance that medical providers must purchase.
Another reason for the expensive health insurance is that healthcare providers game the system to earn even more money than they already do. For instance, drug companies are giving co-pay coupon cards to patients to lower their out-of-pocket expenses so that they choose the drug companies’ brand drugs over generic prescriptions. In most cases, the patient generally chooses the drug with the lower co-payment even though it costs the insurance company a lot more when the patient uses name-brand drugs over generic versions, which will eventually increase the cost of insurance premiums that these patients, or their employers, will have to pay.
–Health insurance providers have to share the cost of preexisting conditions. Due to the Affordable Care Act ruling, no one can be turned away from getting health insurance due to a preexisting condition. As I mentioned in the beginning of the video, this means the cost is distributed to everyone. It also means that everyone need to buy health insurance. On the other hand, I personally believe that in the long run, if everyone buys health insurance, this should normalize the cost and stop it from going up every year.
Also, let’s face it – whether people have health insurance or not, if they get sick where do they go? ….. Most likely to the emergency room. Emergency care is very expensive. In most cases this is not even necessary. And here goes the cost of health care— up, up and up.
There are other factors that contribute to the expensive health insurance costs. If you would like to add other reasons to the list, please feel free to comment under the video! As always, thanks for watching and please consider subscribing to our channel!

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