The U.S. Healthcare system is still generating an ongoing list of financial casualties. The latest figures show that 1 in 3 Americans struggle to pay medical bills and 70 percent of those people actually have health insurance. So what's going wrong here and how is the system still so broken? Insurance plans and medical expenses are notorious for lacking transparency. Consumers often get slapped with huge costs they were sure would be covered by their policy. Demand for affordable premiums has pushed up the cost of deductibles, leaving consumers with a higher exposure to debt and increased cost sharing expenses. These were supposedly capped by the Affordable Care Act in 2014 but the top level limits have since been raised and are expected to go even higher this year. The Federal Reserve recently reported that 48% of Americans would have to sell something to pay for an emergency expense of just $400. But the average annual deductible before insurance support kicks in was $1,200 in 2014. Without an employer sponsoring your plan that average deductible goes up to around $2.563. For the cheapest plans the average annual deductible exceeds $5,300. So knowing the details of your policy and planning ahead financially need to be a priority to avoid these crippling out of pocket costs.
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