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Quick Takes: March 12, 2008
  

Health Care Costs Skyrocket Internationally


In most countries, medical costs are outpacing the general rate of inflation.
By Jessica Marquez

Climbing Costs: U.S. companies aren’t the only ones confronting skyrocketing health care costs, according to a recent poll by Watson Wyatt Worldwide. In fact, in the majority of countries around the world, medical costs are outpacing the general rate of inflation, the study says.

Seventy-one percent of insurance companies around the world expect higher or significantly higher medical cost trends over the next five years, according to the Watson Wyatt survey. Eighty-one percent of respondents said that medical costs are eclipsing the general rate of inflation in their countries.

The survey is based on responses from 85 companies that provide medical insurance to employers in Asia, Africa, Europe and the Americas. With the exception of insurance companies in Hong Kong and Singapore, most of these firms are expecting double-digit increases in employer medical costs in 2008, according to the poll. In Europe, however, most insurers reported that they expect single-digit increases this year, with the exception of Italy. However, all European respondents said they expect those numbers to rise over the next five years.


Jessica Marquez is New York bureau chief for Workforce Management.  E-mail editors@workforce.com to comment.


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