We’ve all read the headlines: inflation is on the rise, and doesn’t show signs of slowing down. While families are feeling the impact at the gas pump and grocery store, in 2022 they can also expect to see higher costs associated with healthcare.
Experts predict that the same factors contributing to inflation may also increase medical costs in the year ahead. For starters, supply chain disruptions are likely to directly impact the price of prescription drugs and medical supplies — costs that ultimately get passed on to patients.
Like many other industry sectors, healthcare is also experiencing a serious workforce crisis as a growing number of doctors and nurses leave their jobs due to pandemic-related stress and mandates. This has forced many hospitals and healthcare organizations to hire temporary traveling clinicians who are more expensive than full-time staff, and increase wages to retain and attract hard-to-find medical professionals. Add to that the expense of equipping staff with personal protective equipment to use on the job.
To offset these increased costs, many hospitals and healthcare organizations may attempt to charge traditional health insurers more money for procedures and treatments. Eventually, these higher costs can get passed on to patients in the form of higher premiums and out-of-pocket costs.
In fact, patients are already seeing an increase in their healthcare expenses. Over the past decade, healthcare prices have steadily increased around 1% to 2%. In the past 18 months alone, prices for hospitals and doctors have surpassed a 3% inflation rate. Experts say this increase may rise to 5-7% over the next year — the fastest inflation rate since 1993.*
If this news sounds disheartening, take comfort. There are ways for individuals to avoid the rising costs of healthcare brought on by inflation. While traditional health insurance plans offset costs by increasing their premiums and your out-of-pocket costs, faith-based health sharing plans continue using innovative strategies to keep quality insurance affordable.
With a Christian health sharing plan, healthcare expenses are spread out across all plan members. This can result in significantly lower monthly costs, while making healthcare affordable regardless of medication condition or history. Faith-based health plans can also lower the cost of prescription drugs, and make it easier, faster and less expensive to access providers through telemedicine.
These cost savings come with the added advantage of a Christian-based health sharing plan that allows you make your own healthcare choices for you and your family. This is especially important for anyone who’s concerned about federal workplace vaccine mandates that may result in increased healthcare costs for those who don’t choose to not receive the vaccine. More choice, lower costs: no wonder more American families are making the switch to Christian health sharing plans.
See how faith-based health sharing plans can help you keep healthcare costs low as inflation rises, while protecting your personal and religious freedoms.