I’ve mentioned it several times before, but it bears repeating. In no country in the developed world do “consumers” of health care pay a smaller share of medical expenditures out of pocket than the United States. Or, let me repeat this one more time:
For every $1 spent on health care in the United States, 12 cents comes out of the pocket of consumers.
In other words, 88% of medical spending comes from third parties (and yes, I know that I pay insurance premiums, but that does not mean that the insurance company is not making the payments … think about my incentives to play an extra round of golf when I pay a one-time membership fee at the beginning of the year versus when I pay each time I play).
For those wondering, about half of these third party expenditures are from private insurers and the other half from government payments.