Monday, August 13, 2012
What is the Lifetime Cost of Health Insurance?
Just for fun, below is an analysis of how much an average hypothetical person would spend on health insurance over the course of his/her lifetime. The analysis is based on the average rate for health insurance for a single covered as reported by eHealth broken down by age group. For years 65+ the cost is based on a senior paying full premiums for medicare part A and B. It should be noted that this analysis doesn't factor in adjustments for inflation or group coverage, and probably misses some others too. Still, I thought it might be interesting to think about the cost to insure a person over one's lifespan. In 2009, aggregate US Healthcare consumption expenditures were $2.3T or about $7,750 per capita. Over a 78 year life span, that works out to about $600,000 per person.