Why are Costs Rising so Much?

Healthcare costs go up every year. Health insurance costs go up every year. And when people ask me why, I can list off several things. First of all, our aging population. Our cost of pharmaceuticals. We always complain about the cost of our pharmacy. But we have some of the best innovative pharmacy programs in the world.

Biologics and new technologies and treating different diseases. Diseases and different kinds of health issues. And here’s a big one, I always bold this one in red. Our behavior as a nation and our lifestyle choices could probably be improved to keep our healthcare costs lower as a country. We have a lot of system inefficiencies.

Also, there are medical malpractice issues still around. We cost shift, like we talked about. One person pays more for care, another person pays less. And there’s also a substantial amount of government regulation. If you even just look at what happened with the COVID vaccines and how we as a government worked really hard to remove some barriers and some red tape to get those vaccines put through the system a lot quicker than maybe other prescription drugs would take to be available to people. So, in that case I’m talking about FDA approval, but, you know, government regulation on healthcare and pharmaceuticals is also a big cost factor.

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