What many people struggle to understand is that the cost of health insurance is a function of the cost of and demand for health care.
According to the Centers for Medicare & Medicaid Services (CMS), the total expenditure on health care in America in 1970 was $74.1 billion, while the total expenditure on health care in 2019 was $3.8 trillion — a whopping 51.35 times as expensive. Said differently, health care is 17.7% of the gross domestic product (GDP) of the United States.
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