If you listen to the politicians, every American is overly burdened by health care costs. I maintain that spending on health care is more an emotional than financial issue for most people. That is, the issue is not so much being able to afford the cost of most health care, but the willingness to spend hard-earned money on a decidedly non pleasant expense as opposed to say, going out to dinner. Consider these facts:
Despite evidence that health care expenses are 16.2 percent of the nation’s gross domestic product, they account for a substantially smaller share of most individual budgets. Out of each dollar spent by American consumers in 2008, a bit more than a nickel (5.9 percent) paid for medical or health purchases, below the amount they spent eating out in restaurants. Not surprisingly the percentage of income spent rises with age.
Research from the Employee Benefits Research Institute (EBRI).