The average cost of health care per person is not very different between Australia and the USA

[Squire]

"In summary, the cost of health insurance in the US varies significantly based on plan type, location, age, and other factors. However, the average annual premium for single coverage in 2023 was around $8,435, translating to about $703 per month. "

v Australia:

"Australia's total health expenditure was estimated to be around $252.5 billion, which translates to roughly $9,597 per person.
In essence, the median total cost of healthcare per person in Australia was around $9,597 in the 2022-23 financial year. "

US health care plan costs:

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In the US, the average annual premium for health insurance in 2023 was around $8,435 for single coverage and $23,968 for family coverage. This means, on average, individuals paid about $703 per month for individual plans and families paid about $1,997 per month for family plans.
Specifically, the average monthly premium for single coverage in 2024 is estimated to be around $477 for plans purchased through the Affordable Care Act (ACA) marketplace.
Factors Influencing Cost:
Plan Type: Bronze, Silver, Gold, and Platinum plans offered through the ACA marketplace have varying costs, with Bronze being the cheapest and Platinum the most expensive.
Location: Health insurance costs can vary by state.
Age: Older individuals generally pay higher premiums.
Employer-Sponsored Insurance: Many employers offer group health insurance plans, where the employer shares the cost, potentially lowering premiums compared to individual plans.
Family Size: Family plans typically cost more than individual plans.
Understanding the Cost:
ACA Subsidies:
The Affordable Care Act (ACA) provides subsidies to help make health insurance more affordable for those who qualify.
Employer Contributions:
Many employers contribute to the cost of employee health insurance, lowering the employee's share.
Out-of-Pocket Costs:
Even with health insurance, individuals face out-of-pocket costs such as deductibles, co-pays, and coinsurance.
In summary, the cost of health insurance in the US varies significantly based on plan type, location, age, and other factors. However, the average annual premium for single coverage in 2023 was around $8,435, translating to about $703 per month.

Given the disparity in wages and GDP per capita the costs between USA and USA are likely very similar at purchasing power parity.

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In the 2022-23 fiscal year, Australia's total health expenditure was estimated to be around $252.5 billion, which translates to roughly $9,597 per person.
In essence, the median total cost of healthcare per person in Australia was around $9,597 in the 2022-23 financial year.
Key Insights:
Health Spending as a Percentage of GDP:
In 2022-23, health spending accounted for 9.9% of Australia's gross domestic product (GDP).
Breakdown of Health Expenditure:
A significant portion of healthcare spending went towards hospitals (around 33% or $83.3 billion) and primary health care (around 33% or $83.3 billion).
Government Funding:
The Australian government plays a significant role in funding healthcare, with the majority of healthcare expenditure being funded through government programs and initiatives.
Medicare:
Australia's universal health insurance scheme, Medicare, provides access to a wide range of health and hospital services at low or no cost to all Australians.
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