Families Spent 1.6% of Income Out-of-Pocket on Healthcare in 2016

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Families Spent 1.6% of Income Out-of-Pocket on Healthcare in 2016

JPMorgan Chase Institute recently released an analysis on out-of-pocket healthcare spending. Here are some key findings from the report:

  • Families spent $714 or 1.6% of their income out-of-pocket on healthcare in 2016.
  • Out-of-pocket spending grew by an average annual rate of 4.3% from 2013-2016.
  • 55% of out-of-pocket spending went to┬ádoctors, dentists, and hospitals.
  • 52% of families made payments to doctors' offices in a given year.
  • Out-of-pocket spending among top income-quintile account holders was $1,322.
  • Spending among lowest income-quintile account holders was $356 on average in 2016.

Source: JPMorgan Chase Institute, September 2017

 

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