Interactive Monday: Healthcare Prices
Hat tip to Sonia from team NGPF for highlighting this resource.
The United States is routinely the most expensive place to buy medical care, whether that’s a Humira pen or a knee replacement or an MRI scan. There are a handful of exceptions to the rule: The US does have colonoscopies that are cheaper than in New Zealand or the United Kingdom. On CT scans, we also come in slightly cheaper than Britain. But aside from those examples, it’s generally a safe bet that the highest prices for medical care can be found in America.
This series of 11 interactive charts shows how U.S. health costs compare with other countries. Here's one example:
- Calculate the difference in cost between the U.S. and the lowest cost in another country for each of the 11 procedures.
- Which had the largest difference? The smallest difference?
- Why do you think that costs in the U.S. are so much higher than those of the rest of the world?
- Are you more or less likely to sign up for health insurance after seeing these charts (note that health insurance covers some of these costs)? Why?
Check out NGPF's lesson on Health Insurance so students can learn the ins/outs of deductibles, premiums and copays.
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.
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