2017 out-of-pocket healthcare spending grew the fastest in 3 years, Chase report finds

Average out-of-pocket spending continued to climb in 2017, according to a report from global think tank JPMorgan Chase Institute. 

The report — which examined data on 4.7 million Chase customers ages 18-64 in 23 states between January 2013 and December 2017 — found average annual out-of-pocket healthcare spending climbed 8.5 percent in 2017 compared to the year prior.

That represents the fastest increase since 2014. Spending increased 5.5 percent between 2015 and 2016 and 3.5 percent between 2014 and 2015.

Six other findings:

1.  In 2017, average out-of-pocket healthcare spending grew from $576 to $625.

2. Spending grew in every state and demographic group and subcategory of healthcare spending, except for drug spending.

3. In 2017, high-income families saw the highest average out-of-pocket healthcare spending in 2017 ($1,242). At the same time, low-income families saw the highest average healthcare spending burden (as a percent of take-home income), at 2.8 percent.

4. Utah families saw the highest average out-of-pocket healthcare spending in 2017 ($864). They also saw the highest average healthcare spending burden (2.8 percent).

5. West Virginia families saw the lowest average out-of-pocket healthcare spending in 2017 ($495), while families in New York saw the lowest average healthcare spending burden (1.4 percent).

6. Average out-of-pocket healthcare spending grew the most at dental offices, physicians' offices and 'other' healthcare providers, including  medical services, equipment and labs in 2017. Together, these spending categories represented 68 percent of all the healthcare spending that year.

Access the full report here.

 

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