BALTIMORE — Just about everything seems more expensive as inflation impacts the prices of goods and services people buy every day.
It's also affecting the cost of healthcare.
Healthcare is one thing that's especially taking a hard hit from inflation and could take quite a while for prices to recover, if at all.
Inflation on healthcare generally tends to run about two-times higher than anything else. Healthcare benefit-experts find it's usually about 6% higher.
A recent study from HealthView Services projects healthcare-inflation will stay at nearly 12% for the rest of 2022 and into 2023.
Prices are expected to go back down at some point.
Meanwhile, people might not realize the effects of inflation on their healthcare, until they have their next doctor visit or get their next medical bill.
Healthcare consultant PCS Advisers managing partner Paul Seegert said "it shows up in your premium. And that's to me why it can be so difficult for a consumer to deal with this. It not only affects your monthly costs in terms of your premium share, let's say you're getting your coverage, so your employer you're going to see your payroll deductions increase and they have increased more quickly than wage gains for quite a few years."
Health experts warn consumers to be prepared for the long-lasting effects of inflation's impact on healthcare because health care prices tend to keep going up, even at a slower-rate.
“As a consumer, we have to learn to consume better. Even when you have an insurance plan, and you have a set deductible and a set copay for a certain procedure. Different providers may charge wildly different amounts for that procedure and we do have to get better at consuming health care, like we do other things," Seegert said.
As the price of healthcare tends to keep going up, experts recommend people set more money aside for health care that they might need in retirement. Social security and medicare cost-of-living adjustments are not expected to keep up with rising healthcare higher costs.
