Our healthcare spend doesn't make us healthier

In 2019, the average American household spent almost $5,000 per person, on average for the year for health care. That’s a 101% increase from the year of 1984, where the typical annual health care costs were about $2,500 per person. There are many costs that are driving up the cost of health care. Unfortunately, many of these expenses are not necessarily making us healthier. These expenses simply mitigate illness and injury and don’t necessarily make us healthier for the longer term.

Why is healthcare so expensive?

One of the reasons that health care costs so much more these days is because of insurance. In 2018, the average American spent $3,400 for health insurance. Many employers bear the burden of insurance for their employees, but some companies pass some of the cost onto their employees. There are several different reasons that health care costs so much more than it used to. These include:

An aging population, with 20% of the American population being over the age of 65 by 2030.
Inflation for health-related services. Medical care costs typically increase by 3.5% or more each year in comparison to the standard rate of inflation.
New health care products and services that are technology driven, which tend to have a higher price tag.
The consolidation of hospitals and doctor clinics can lead to a monopoly where there isn’t competition for prices.

How can Americans save money on health care?

There are different ways that you can save money on health care. The most obvious way to avoid unnecessary health care costs is to take care of yourself. This includes healthy diet, exercise, and lifestyle choices. It is estimated that if Americans ate healthier, the United States as a whole would spend $50 billion per year less on health-related issues like stroke, heart disease, and type 2 diabetes. Simple things like quitting smoking can also make you healthier, but also save you money. If Americans reduced their smoking habits by as little as 10% this could potentially result in $6.3 billion reduction in health care costs related to the habit the following year.

Ask for generic medications

Generic drugs can save you a lot of money. If you are getting a prescription, like Glucophage, it’s generic counterpart would simply be called metformin. Glucophage costs about $34 for a supply of 30 tablets, whereas its generic counterpart metformin, depending upon where you live, could be as cheap as $8.50. According to some research, Americans save $8 to $10 billion each year simply by using a generic prescription whenever they need one.

Choose the right type of care at the right time

Most people default to go to the emergency room if they are severely ill or injured. Not all types of illness or injury require an emergency room visit. Typically speaking an urgent care visit is going to cost you between $100 and $200 per visit. If you go to the emergency room, you are looking at a minimum of $750 for your bill.

Other types of doctor interaction can also save you money. If you use a telemedicine service to consult with your doctor, it’s going to cost you considerably less than an in-person visit. Depending upon where you live, you could spend about $80 on a telemedicine session.

Look outside the traditional healthcare model

Depending upon where you live, a doctor’s visit could cost you between $100 to $600 depending upon the treatments that are provided. There are other options, like concierge medical care and other membership-based services. At Insight Life Care, a concierge medical service in Tampa, FL, a monthly membership starts at $150. This includes unlimited doctor visits, telemedicine, and much more personal interaction and care from your physician.

If you are looking at any type of medical procedure, consider having it done in an outpatient setting if possible. Many times, if you need a procedure, it often costs less to have it done at a clinic rather than in the hospital. In 2017, the last year where such data was available, the average cost of an outpatient treatment was around $3,800, while average cost of an inpatient treatment was about $13,200 at an inpatient facility.

If you are an employer, offer an employee wellness program

A Harvard study found that employee wellness programs are a good investment for most companies. For every $1 that an employer spends, on average on wellness programs, they will likely see a $6 return on investment. This includes a $3 savings on health care costs and a $3 savings on improved employee productivity and attendance.

Take advantage of preventive care benefits

Many people don’t realize that their health plans could potentially bear the cost of their preventative care, including regular exams, screenings, and immunizations. According to research from 2010, missed preventative care costs added up for the year in which the research was conducted. It was estimated that certain primary care services could have potentially saved up to $1.5 billion.

Finding a health care option that is right for you

Finding the balance of affordable health care that is convenient and hassle-free will take a little bit of time and vary based upon your needs. A concierge medical service can often meet all of your needs whether or not you have insurance.

Insight Life Care takes the guesswork out of your costs. We offer a membership-based primary direct care model that makes healthcare affordable and convenient. We have plans that cost $150/month, $250/month, and we even have a program for employers to help their employees get the healthcare that they need. Some of the benefits of our membership-based concierge direct primary care model include:

Your costs are controlled: For $150/month, you have unlimited access to a doctor with over 30 years of experience practicing internal medicine in Tampa Bay. In our office, we can cover 80-90% of your healthcare needs. If we encounter an issue that needs specialist intervention, we will schedule, manage, and follow up with all outside providers for you.
More time with your doctor: Developing a personal relationship with your doctor enables you to truly engage in your healthcare. Also, having a doctor you can call 24/7 helps to keep you out of urgent care clinics and emergency rooms. It’s like having a doctor in the family!
No health insurance needed: We provide the same level of care to our patients regardless of their health insurance status. Although our services are not a replacement for health insurance, we can meet most of your healthcare needs in our office for a low monthly cost. For our uninsured patients, we have negotiated cash prices with outside providers to make your entire healthcare experience more affordable. Contact us to learn more.
Accessible visit options: Our doctor and nurse will see you wherever you are, whether via telemedicine, an in-office visit, or a home doctor visit in Tampa. We understand that traveling to our office is not always convenient or available to you - just let us know which visit option works best for you.

MEET DR. NUSSBAUM

Chris Nussbaum, MD, FHM founded Insight Life Care after 25 years of primary care and hospital practice in order to create an environment where patients are at the forefront of care. Click here to learn more »

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