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Healthcare Costs Rising 3X Faster than Incomes
There is a new warning from Wisconsin’s largest business group about one of the largest worries for business owners in the state.
Wisconsin Manufacturers & Commerce on Monday released a report on what it calls the “egregiously high health care costs” in Wisconsin.
“Health care costs in Wisconsin are rising rapidly, and hardworking families can’t keep up,” WMC’s Rachel Ver Velde said. “No state can remain economically competitive when health care prices rise nearly three times faster than household incomes.”
WMC shared two studies that show business and families in Wisconsin are spending more on healthcare than people and businesses in most other states.
The Health Care Cost Institute's study shows that Wisconsin’s health care costs are the second highest in the nation and 55% higher than the national average. That report says costs are high despite a lower-than-average healthcare usage number.
The second report that WMC relies on comes from UW-Madison's Center for Research on the Wisconsin Economy, that shows healthcare costs have skyrocketed over the past 26 years.
"Hospital service costs nationally have surged 260% since 2000—nearly three times faster than Wisconsin median household income," the report notes. "Family health insurance premiums have exploded 365% since 1999, from $5,809 to $26,993. Wisconsin hospitals now charge the fourth-highest prices in the nation—and the highest in the Midwest."
Ver Velde said those costs are not just a problem for families looking to make ends meet. She said spiking healthcare costs are a problem for businesses in the state that want to expand or open in the first place.
“The health care system continues to push costs onto families and employers while keeping prices hidden and unchecked,” Ver Velde added. “Full transparency isn’t optional—it’s an essential first step to rein in costs, protect workers’ paychecks, and keep Wisconsin competitive.”
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