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The Worrisome Numbers That the Official Inflation Figures Aren’t Showing

I was reading an article about 2010 statistics and wanted to share a piece of it that related to health care costs.  If you understand economics, you might enjoy reading the entire article, so there is a link at the end.  This excerpt is some food for thought on health care reform and how it is supposed to be an “affordable care act.”   

The link on the original post to the information about the 59% increase in California was a bad link, but I found the full article and will post it tomorrow.  I want to spend more time looking into it, being that I live in California.  59% Increase?  That’s gonna hurt come March.

 

By Charles Hugh Smith, aol news

Energy and Medical Costs Also on the Rise

As if rising commodity and supply chain costs weren’t worrisome enough, energy costs also are skyrocketing. Gasoline prices rose 8.5% in December alone, and overall energy costs grew a sobering 13.9%. Energy is consumed at every step of the global supply chain, so higher energy costs end up adding raising the costs for everything: grain, transport, manufacturing, chemicals, you name it. While bad weather is certainly the primary mover of grain prices, higher energy costs certainly aren’t helping food commodity prices, which hit 2.5-year highs, triggering global protests.

And while the Bureau of Labor Statistics claims that medical care costs rose a modest 3.4% in 2010, that statistic should raise some eyebrows — real-world cost increases for those paying the bills rose significantly more. In California, health care insurers have raised prices by up to 59%. Insurers also sought increases of 11% in Iowa and 21% in Vermont.

Insurance provider WellPoint’s price increase of about 10% “reflects the fact that health care costs continue to escalate faster than the growth of premiums,” according to a company spokesperson. Wellpoint reported a $130 million loss in its California operations last year.


See full article from DailyFinance: http://srph.it/hplyFY

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