Healthcare Costs Have Risen an Average of 85% Per Year

question 5

Short Answer

Healthcare costs have risen an average of 85% per year over the past 5 years. What is the average annual percentage increase over time? If the inflation rate was 7% per year, how many percentage points over the inflation rate was the annual healthcare cost increase?

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Definitions:

Business-Expense Tax Deduction

A reduction in taxable income for businesses, for costs that are considered necessary and ordinary in running the business.

Fair Labor Standards Act

U.S. legislation aimed at protecting workers against unfair pay and excessive working hours, establishing minimum wage and overtime pay guidelines.

Personal Breaks

Short periods of time during the workday that employees are allowed to take for personal needs, not including lunch breaks.

Compensate Employees

This refers to the various ways an employer can provide payment or benefits to their workers for the services rendered, including salaries, wages, bonuses, and benefits.