I recently had the opportunity to testify before the U.S. Congress Joint Economic Committee on a topic that is incredibly timely and relevant both to business leaders and to all Americans: improving long-term health outcomes and ultimately reducing costs in our healthcare system. So why did lawmakers want to hear from the CEO of a life insurance company? Quite simply, there is a role for each of us in helping more Americans live longer, healthier, better lives.
While life expectancy is growing, the average American can expect to spend nearly 12 years in poor health, and lifestyle diseases including heart disease, cancer, stroke and diabetes are now leading causes of death, driving unprecedented expense and tremendous strain on individuals and their families. In 2024, 90% of the nation’s $4.9 trillion in annual healthcare spending was attributable to chronic and mental health conditions, and projections suggest that by 2030, more than 80 million Americans will live with three or more chronic diseases. Furthermore, when Americans don’t take part in recommended preventative care, it costs the U.S. an estimated $55 billion each year — underscoring the importance of decisive action.
The trends are concerning, to say the least, and the compounding impact on our communities and our economy is immense. But there are rays of hope. Advances in personal health technology, prevention strategies, and early detection and screening methodologies offer promising opportunities to intervene earlier and improve long-term outcomes. With widespread adoption of these new tools and cross-sector collaboration to make them more accessible we can change the course.
