Americans Spent $9,400 for Healthcare in 2016

Spending on HealthcareHow much did you spend on healthcare in 2016? In the U.S., the average spending reached almost twice as much as the amount from 11 other developed countries, according to a study.

The analysis showed that Americans’ per-capita spending during the year amounted to $9,400, compared to $5,400 in Australia, Canada, and Japan. Despite the significant spending, many Americans still have no insurance coverage.

Healthcare Expenses

Americans paid more than $1,400 for prescription medicine, which greatly contrasts the average of $750 in other countries in the study. A major reason for this huge spending gap involves the high cost of medication in the U.S.

Even more so, the significant amount of healthcare has done little to improve the average life expectancy in the U.S., which is 78.8 years compared to 81.7 years in other countries, according to the study. Meanwhile, insurance companies need to be more proactive in sealing deals with prospective clients, as the number of uninsured Americans is expected to increase.

Health Coverage

An estimated nine million people in the U.S. are expected to have no health insurance in 2019 due to the repeal of an individual mandate under the Affordable Care Act, which requires Americans to be insured or pay a penalty.

This only means that insurance companies should try to be more assertive in their promotional strategies, given that the competition will be tight for those who seek health coverage in the future. For instance, your insurance email marketing templates should align with other digital strategies for a consistent promotional campaign. Consider headlining these strategies on cost-efficiency, since Americans would want to save on their premium payments.

Americans’ high healthcare spending won’t necessarily mean they are willing to pay high amounts for insurance. Insurance companies need to consider this when planning to expand their network of customers.