WA Champions Tackle Soaring Healthcare Costs
TL/DR –
Reports from the Insurance Commissioner’s office and the Attorney General in Washington State show health care costs are rising faster than the national average due to insufficient regulation and consolidation of health care providers. The Economic Opportunity Institute is asking lawmakers to address these issues, and has launched the Fair Health Prices campaign to advocate for affordable drug prices, regulation of health provider mergers, and addressing anti-competitive contracting strategies. The institute also reported that 81% of Washington residents are worried about increasing healthcare costs, and despite arguments from large providers that high costs are due to medical research and new treatments, the U.S. still has the lowest life expectancy rate among developed nations.
Analysis Reveals Rising Health Care Costs in Washington State
A recent analysis by the Washington State Insurance Commissioner’s office and the Attorney General uncovers the “real costs of health care” in Washington. The findings have led the Economic Opportunity Institute to urge lawmakers to tackle the increasing consolidation and costs of health care.
Health Care Costs in Washington Exceed National Average
Health care costs have been skyrocketing, with costs in Washington outpacing the national average. The institute’s senior policy associate attributes this to “insufficient regulation” leading to health care providers consolidating and escalating prices for patients.
Fair Health Prices Campaign Launched
The institute has initiated a campaign to educate consumers and encourage lawmakers to take action for more affordable drug prices, regulate health care provider mergers, and address anti-competitive contracting strategies. These measures aim to improve accountability and slow down health care costs.
Increasing Out-of-Pocket Expenses and Health Care Concerns
“Annual out-of-pocket expenses can reach almost $19,000 a year,” says the institute. The Insurance Commissioner’s office approved a 9% average increase for plans in 2024. This follows an 8% average increase in plans this year. The institute’s data also reveal 81% of Washington residents are concerned about health care cost increases.
US Health Care Costs and Life Expectancy
Though large providers attribute higher costs to aggressive medical research and latest treatments, the U.S. has the lowest life expectancy rate among developed nations.
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