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Showing posts with the label How rising medical costs are affecting auto insurance rates

How rising medical costs are affecting auto insurance rates

Americans spend $3 trillion on health care each year. This reflects the costs associated with chronic and long-term care, as well as the rising costs of new drugs and medical technologies. Paying for health care is a major concern, and 25 percent of American families report that they are more concerned about health care costs than household bills or unemployment. With hospital stays costing $1,791 to $2,289 per night, doctor visits costing $130 to $240 per visit, and prescriptions costing the average American $1,370 per year, it's easy to see where these anxieties come from. An illness or accident can set back a financially stable family $10,000 or more. These higher health care costs also affect auto insurance premiums, especially after a faulty accident. Many drivers see an increase in their premium as punishment, but the increase is necessary for insurance companies to continue to provide quality coverage. Significant expense of clinical consideration Larry is generally a pro...