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Yearly cost of healthcare to pass $20K this year

The an-nual expense of health care for a family of four is estimated to get to $20,000 this year. Healthcare prices are rapidly spiraling out of control and it may not take long for healthcare to be affordable only by the rich.

Spending over anyone else

Healthcare is a massive cost in the United States; about 47.7 percent of health care is publicly funded. The United States spends more than any other country, according to the Organization for Economic Cooperation and Development survey of its 34 member states, on healthcare. About 17.4 percent of domestic product is healthy care, which is about $7,690 per annum.

Those costs have skyrocketed in the past 10 years. According to Daily Finance, the Commonwealth Fund found that between 2003 and 2010, the typical premium that employers paid for family coverage for employees rose to $13,871 per year, a 50 percent increase. Employees had to cover 63 percent. As of 2010, 23 states had healthcare costs of 20 percent or more of household income, up from 1 state in 2003.

Several employers these days don't provide cash advances to their employees which actually is quite a shame. But at the very least these employees understand that when issues get truly tight that there are usually payday loan to turn to..

Increases anticipated

According to CNN, the cost to insure a family of four is only getting worse. McMillan Inc., an actuary and consultancy group estimates the average family of four will cost over $20,000 to insure through an employer. An annual expense of $20,000 or more is predicated on health care costs increasing between 7 percent and 8 percent, which they have for the past five consecutive years.

The typical family of four had to pay 9.2 percent more in premiums for insurance too, as the typical family paid $3,280 in 2011. Private insurance costs more cash and it brought the price up to an average of $7,102.

Generally health insurance covers for necessary procedures but at times you may have deductibles or lack of coverage and therefore you will still need to pay for all those procedures. If you don't have the funds to do so, there's absolutely nothing to be concerned about as you can use a payday loans for that purpose as well..

Still going up

You can expect insurance premiums to keep going up, according to a study in Annals of Family Medicine. It showed that the present rate of increase will mean insurance costs will reach 50 percent of household income in 2021 and 100 percent of household income in 2033, according to Time.

It will actually be 50 percent of household income by 2018 and 100 percent by 2030 when considering out of pocket expenses that are added on, according to the study done by Drs. Richard A. Young and Jennifer E. DeVoe. The study was done based on the average yearly increase in income of 2.1 percent from 2000 to 2009 and the average increase in healthcare in that same time of 8 percent.

Find out about Obamacare from Supreme Court

The fate of the Affordable Care Act, known as ?Obamacare,? currently rests in the hands of the Supreme Court. If it takes effect, it has yet to be known if it will bring costs down. Drs. Young and DeVoe project that it will delay the expense of healthcare reaching 100 percent of household income by four years, if the law delivers on its promises.