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Published: Nov 14, 2022 5 min read
Older man paying medical expenses out of pocket

Americans who pay for health insurance on their own could spend nearly $700,000 for health care over the course of their adult lives, according to a new study.

That is more than double what Americans who have employer-sponsored insurance are forecasted to pay — about $320,000 — which is a staggeringly high figure in its own right.

Synchrony released a new study Monday on the lifetime costs of health care in the U.S., analyzing how much insured people will likely spend on insurance and treatment.

The financial services company calculated estimates for lifetime health care costs by adding up the amounts Americans are likely to spend over the years on premiums, copays, prescriptions, over-the-counter medication and coinsurance costs (the portion of medical charges people pay after deductibles are met).