Global medical costs to dip in 2024 -- but respite may not last long, research finds.

MEDICAL care costs; HEALTH insurance; MEDICAL technology; PRICE inflation; MARKET volatility

According to a survey by consultancy WTW, global healthcare costs are expected to rise by 9.9% in 2024, a slight decrease from the 10.7% increase in 2023. However, this decline may not last long, as insurers anticipate higher medical cost growth in the next three years due to new medical technologies, overuse of care, and poor health habits. Insurers are implementing strategies such as deductibles, contracted provider networks, and telehealth options to manage costs, and some are excluding coverage for certain healthcare services. The report also highlights the role of inflation, delayed elective procedures, pricey medical technologies, and ongoing geopolitical conflicts in driving up medical costs. [Extracted from the article]

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