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Title: On the Rise: Out-of-Pocket Healthcare Spending in 2017
Citation Type: Miscellaneous
Publication Year: 2018
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Abstract: The JPMorgan Chase Institute set out to understand families' out-of-pocket healthcare expenditures and the financial burden they imposed on families over time. Building off a de-identified sample of 4.7 million families with Chase checking accounts, we extended the JPMorgan Chase Institute Healthcare Out-of-pocket Spending Panel (JPMCI HOSP) data asset to include 2017 data, allowing us to explore healthcare out-of-pocket spending trends, as well as a first-ever look at year-over-year trends at the state and country level for different demographic groups. We found that year-over-year growth in out-of-pocket healthcare spending levels accelerated since 2014 to 8.5 percent in 2017. The burden of healthcare spending as a percent of take-home income ticked up slightly. Additionally, in 2017 high-income families experienced the fastest growth in healthcare spending, while low-income families experienced the highest growth in healthcare spending burden. Moreover, families in Utah spent the most on and were the most burdened by out-of-pocket healthcare spending, while families in California experienced the highest growth in spending levels. Finally, out-of-pocket healthcare spending grew the most at hospitals and 'other medical services, equipment, and labs' and decreased at drug stores for the third consecutive year. These findings show that out-of-pocket health care costs are on the rise and consuming a larger share of household budgets. Out-of-pocket healthcare costs affect decisions about whether and when to seek medical care, so it is critical that we . . .
Url: https://institute.jpmorganchase.com/institute/research/healthcare/report-on-the-rise
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Authors: Farrell, Diana; Greig, Fiona
Publisher: JP Morgan Chase & Co. - JP Morgan Chase Institute
Data Collections: IPUMS CPS
Topics: Health, Population Health and Health Systems
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