As the average family brings in more income, they also tend to spend more on out-of-pocket health care costs, according to JPMorgan Chase Institute’s report, “Paying Out-of-Pocket- The Healthcare Spending of 2 Million US Families.”
The institute analyzed the health care-related expenditures of 2.3 million Chase Bank customers, aged 18 to 64, between 2013 and 2016 (the names of the customers weren’t identified within the analysis). The analysis included payments made using either a Chase credit or debit card, or electronic bill pay, and excluded health care payments made via cash, check, non-Chase cards in health reimbursement accounts, premium payments and health insurance reimbursements.
The analysis found that families spent on average $714 or 1.6 percent of their take-home income on out-of-pocket health care spending in 2016. Out-of-pocket health care spending grew by an average annual rate of 4.3 percent between 2013 and 2016, and remained a relatively constant share of take-home income.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Katie Kuehner-Hebert
Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.
