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Healthcare costs increase in third quarter

Posted On Wed, February 8, 2012

Healthcare costs for individuals with health insurance witnessed an increase during the third quarter of 2011, according to a report from Thomson Reuters.

The Healthcare Spending Index for Private Insurance showed that there was a 4 percent increase year-over-year, while there was a 0.9 percent rise when compared to the second quarter. Overall, hospital costs rose nearly 6 percent year-over-year, while it jumped 1.3 percent compared to the previous quarter.

"Insurance costs are still on the rise," said Gary Pickens, chief research officer at the Thomson Reuters Center for Healthcare Analytics. "While there has been a slight slow down to the pace of growth, overall rates are still increasing nationwide."

Physician costs witnessed a rise of 2.9 percent compared to the same time in 2010, while drug costs rose 1.3 percent, the source added. Both statistics had increases when compared to the previous quarter.

Consumers concerned about rising healthcare costs may want to check out health insurance quotes online. Comparing health insurance rates may help a person find a plan that is more affordable, but still sufficient.

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