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Subject:
autos vs. health
Category: Health Asked by: leslock-ga List Price: $50.00 |
Posted:
08 Mar 2005 12:56 PST
Expires: 07 Apr 2005 13:56 PDT Question ID: 486908 |
Do people in the US spend more on their automobile than they do on their health care? Include for autos --- purchases, leases, insurance, gasoline, maintenance Include for health --- insurance premiums, out of pocket expenses for drugs, doctors, hospital etc. |
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Subject:
Re: autos vs. health
Answered By: bobbie7-ga on 10 Mar 2005 08:52 PST |
According to the data provided in the most recent Consumer Expenditure Survey Annual Report, published by the U.S. Department of Labor, Bureau of Labor Statistics in February 2004, people in the US spend do more on their automobile than they do on their health care. http://www.bls.gov/cex/csxann02.pdf Average annual expenditures. Automobile Vehicle purchases (net outlay) $3,665 Gasoline and motor oil $1,235 Other vehicle expenses $2,471 Total Automobile: $7,371 Health Health care $2,350 This includes health insurance, drugs (prescription and nonprescription) , medical services and medical supplies. ?Spending on health care rose 7.7 percent in 2002, following increases of 5.5 percent in 2000 and 5.6 percent in 2001. As was the case in both of the earlier years, the increase in 2002 was due primarily to relatively large increases for health insurance and drugs (both prescription and nonprescription). Spending for health insurance rose 10.1 percent in 2002 and spending on drugs rose 8.6 percent. Spending for medical services and for medical supplies, the other two health care components, rose 3.0 percent and 5.6 percent, respectively.? Source: Consumer Expenditures in 2002 U.S. Department of Labor Bureau of Labor Statistics February 2004 Report 974 This report shows the latest results from the Bureau of Labor Statistics Consumer Expenditure Survey. Download here: http://www.bls.gov/cex/csxann02.pdf Other Consumer Expenditure Survey Annual Reports http://www.bls.gov/cex/home.htm Search terms: Americans spend +health Americans spend +automobile OR car OR vehicle I hope you find this information helpful! Best regards, Bobbie7 |
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Subject:
Re: autos vs. health
From: jack_of_few_trades-ga on 08 Mar 2005 13:33 PST |
It is fairly well known that 15% of US GDP is spent on healthcare (including government, business, and personal speding). US GDP is about $12 trillion, so: 15% X $12 trillion = 1.8 trillion for medical expenses Americans drive more than 2.5 trillion miles per year in automobiles, light trucks and SUVs, according to a MEMA report. http://money.howstuffworks.com/gas-price1.htm Estimates of the average cost per mile driven vary, but my best guess is $.30. (this estimate includes all auto expenses that you listed) $.30 per mile X 2.5 trillion miles = $.75 trillion for automotive expenses That automotive estimate doesn't include commercial trucks and the like, so if you want those included it's probably close to $2 medical for every $1 automotive in the US. I'll be interested to see the Researchers take on this question. |
Subject:
Re: autos vs. health
From: jack_of_few_trades-ga on 09 Mar 2005 07:36 PST |
The fact is that most Americans probably do spend less on health care than for auto expenses. But that is due to several things: 1) businesses/government pay most of insurance costs, so individuals don't see most of the real expense (as a government employee the government pays 2/3 of my insurance bill) 2) a small minority of the population has a vast majority of the medical bills in a given year - a car accident might put you way over the top in a random year - old people tend to spend way more than younger adults - a family having a baby will have much higher expenses - very sick people (HIV, cancer, other serious long term health issues) bring the average health bill way up I'm sure you can think of several more, but it's clear that a minority of the people in the US spend way more than the rest in any given year... so most people see average medical expenses much lower than they actually are. 3) The government pays much of the health bill for the unhealthiest people. They pay medicare and medicaid for old people and these bills are huge. And for people who simply cannot afford their hospitol bills, I'm sure the government pays their share of those too. It's very commonly known that 15% of US GDP is spent on health care in 1 way or another. "Health spending reached $1.6 trillion in 2002" http://www.chcf.org/documents/insurance/HealthCostsSnapshot04.pdf This site also shows that $1.8 trillion was expected for 2004 (notice that is the estimate I gave in my first post). My automotive estimate of $.75 trillion, I will admit it is not precise, however it's an educated guess made with a decent amount of experience and knowledge of finances, economics, and car research. Even if I'm 50% off on my estimate (which I assure you I'm not that far off) then that would only be $.75 trillion X 1.5 = $1.125 trillion which is still far less than the $1.8 trillion spent on health care. |
Subject:
Re: autos vs. health
From: jack_of_few_trades-ga on 10 Mar 2005 05:00 PST |
I look and feel like I'm often talking to myself in these boards, the other posts are so often deleted. Ah well, here I am talking to myself again. |
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