'The American Healthcare System Is The Biggest Money-Making Scam' — TikTok Influencer Implores You 'Not To Get Totally Screwed Over'

No matter where you are in the world, there will be people unhappy with their country's healthcare system. This holds true in the United States.

TikTok financial influencer Kayla Kilbride took a deep dive into the American healthcare system, mincing no words when she starts her video saying, "Since the American healthcare system is the biggest money-making scam on the planet … I'm going to tell you how to not get totally screwed over this year."

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Whether you agree with Kilbride's assessment about the American healthcare system being a money-making scam, there's no denying the fact that the cost of coverage is astonishingly high.

According to KFF, an independent source for health policy research, polling and news, "the average annual health insurance premiums in 2023 are $8,435 for single coverage and $23,968 for family coverage."

If that's not enough to alarm you, consider this: These average premiums increased by 7% in 2023. That's in addition to an average family premium increase of 47% since 2013.

Kilbride went on to discuss an even bigger issue. The fact that the monthly premium is high is just the start. There are additional expenses that can (and will) come to light throughout the year.

"I have to meet a deductible first before my insurance pays anything at all," she said. 

Pointing to a healthcare purchasing chart behind her, Kilbride added, "My deductible would be $5,000. I would have to pay all $5,000 of a hospital bill before the insurance pays anything at all."

She goes on to explain that once that number is met, the insurance company will pay a portion until the out-of-pocket maximum is reached, which in her example is $6,350.

What's the solution?

If you live in the United States, there isn't a good answer to that question. You hope that you can secure more affordable and more comprehensive coverage through your employer, but that's not as simple as it sounds.

Kilbride doesn't have a one-size-fits-all answer either. She left her suggestion in the video caption.

"If I expect to go to the hospital often, I'd choose a low-deductible, high-premium plan. But If I have a good emergency fund saved up (and cross my fingers not to end up in the hospital), I'd choose a low-premium, high-deductible plan."

Consulting a financial adviser can help you better understand how to invest in your future. A professional can offer personalized advice to help you make the best possible short- and long-term investing decisions.

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*This information is not financial advice, and personalized guidance from a financial adviser is recommended for making well-informed decisions.

Chris Bibey has written about personal finance and investment for the past 15 years in a variety of publications and for a variety of financial companies. He is not a licensed financial adviser, and the content herein is for information purposes only and is not, and does not constitute or intend to constitute, investment advice or any investment service. While Bibey believes the information contained herein is reliable and derived from reliable sources, there is no representation, warranty or undertaking, stated or implied, as to the accuracy or completeness of the information.