Advocacy groups under the umbrella West Health want people totake action on the healthcare cost crisis—“an American Epidemic.”To drive home the point, West Health is providing clocks on a newwebsite, HealthCostCrisis.org, that show how a myriad ofcosts will continue to skyrocket each year until 2040 if no actionis taken.

Some of the website's stats include the following:

• In 2019, average premiums (employee and employer shares) andout-of-pocket costs for a family of two or more covered byemployer-sponsored insurance is $22,960. By 2040, that amount willincrease to $53,940 if no action is taken.

“Medical bills strike more fear in the hearts of Americans thanserious illness. … The very health and wealth of our nation and itspeople are at stake,” writes West Health's president and CEOShelley Lyford.

• The U.S. currently spends $360 billion for prescription drugs,but by 2040, that cost will rise to $1.13 trillion.

“Food. Clothing. Rent. Utilities. Many Americans must make hardchoices to afford medications,” the website reads. “Even worse,almost one in five forgo needed prescription drugs due to cost.With drug companies charging higher and higher prices, fewerAmericans will be able to afford the drugs they need.”

• Hospital prices have grown 600 percent since 1990.

“Going to the hospital can be a huge financial blow forAmericans,” the website reads. “Insurers, employers, and everydaypeople all feel the pain of rising healthcare prices, includinghospital stays, physician visits, and prescription drugs. Unless weact now, we can expect the cost of a hospital stay to reach$135,000 by 2040.”

• Employers are currently spending $810 million to supportemployee healthcare. By 2040, that cost will rise to $2trillion—again, if no action is taken.

“As a business spends more and more for employee healthinsurance, less and less is left for investing in their company'sfuture,” the website reads. “It's no wonder Warren Buffett callshealthcare 'the tapeworm of the U.S. economy.'”

Not surprisingly, after each clock, the website has a “TakeAction!” button for people to subscribe to the group's cause—“Let'sstop the epidemic of high healthcare costs in America. Join ourmovement.”

West Health is a family of nonprofit and nonpartisanorganizations funded by philanthropists Gary and Mary West in twolocations: the Gary and Mary WestFoundation and Gary and Mary West HealthInstitute in San Diego, and the Gary andMary West Health Policy Center in Washington,D.C. These advocacy groups support measures that require providersto stop fee-for-service practices and move to value-based care;empower Medicare to directly negotiate drug pricing, which it iscurrently prohibited from doing; and create true price transparencyfor patients, businesses, and the government.

From:

BenefitsPro