June Inflation Data: Health Insurance Premiums Peaked at 17.3% (Again)
The US Consumer Price Index (CPI) surged to 9.1% in June 2022, almost as high as its record level of 9.6% in November 1981, despite prior expectations that inflation would show signs of slowing down. The most significant contributors were the price of gasoline, food, shelter, used cars and trucks, medical care, motor vehicle insurance, and new vehicles.
In layman’s terms, a 9.1% percentage change means a product that cost $100 in June 2021 now costs $109 in June 2022, a significant increase considering most people’s take-home income remains stagnant.
Because medical care takes up a large portion of the American consumer’s out-of-pocket expenses, we analyzed the CPI index to help you better understand how healthcare cost has changed in the last 12 months.
Can't afford traditional health insurance? Get Mira - Healthcare you can afford.
Join 36,000 people and get Mira. Plans start at $45/mo. No paperwork. No wait period.
Khang T. Vuong received his Master of Healthcare Administration from the Milken Institute School of Public Health at the George Washington University. He was named Forbes Healthcare 2021 30 under 30. Vuong spoke at Stanford Medicine X, HIMSS conference, and served as a Fellow at the Bon Secours Health System.