Guess the average American’s healthcare cost

In case you missed it, the federal government’s annual study on medical spending was just released and it includes data on the average person’s healthcare expenses per year.

So how much are we spending?

Tara Courtland

Communications Director Tara Courtland

According to the Centers for Medicare and Medicaid Services report, the average American spent $9,596 last year.

Yes, the news is about to get worse:

The 2014 number is way up from the $7,700 we each spent in 2007.

And worse:

By 2016, each person will spend more than $10,000 a year on healthcare.

And worse:

That number will hit $14,944 in 2023.

In depressingly related news, a study by Express Scripts was recently released that concluded Americans shelled out 13.1 percent more for medicine last year than they in 2013.

So who’s spending the most? According to the CMMS study, the states with the highest per-resident spending are Massachusetts, Alaska, Connecticut, Maine, and Delaware.

The CMMS also concludes that, as expected, older Americans spend a lot more on healthcare than younger Americans. The reason why those five states rank the highest in spending is because they have more older residents.

So what do we do about it? Todd Campbell of “The Motley Fool” has found a bright light at the end of the tunnel — his article on the study recommends investing in healthcare companies:

“Since the increase in healthcare spending poses a risk to your financial security, it may make sense to think about ways to hedge ever-increasing healthcare costs and seek to profit from investing in healthcare companies like insurers, hospitals, and drugmakers.”

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About Tara Courtland

Tara Courtland is the communications director at NEMT.
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