Health Care’s Pink Tax

Beyond Maternity

Employed women in the U.S. faced 20% higher out-of-pocket health care expenses than men in 2021, according to a recent Deloitte report.

Even with maternity and pregnancy costs excluded, the eye-popping figure only decreased to 18%, suggesting solutions to closing this gap must extend beyond simply addressing maternal care.

The Pink Tax

The report also showed women aged 19 to 64 face $15.4 billion in additional health care costs each year. This shakes out to $266 per woman in the nation, showing that the “pink tax”, a gender-based markup, is alive and well in health care.

The pink tax is the premium women pay for products tailored to them. Products targeted at women are often taxed as luxury items, while products targeted at men typically are not.

Deloitte’s report identified contributing factors such as the cost of breast cancer screening and scans, as well as more frequent doctor’s visits for gynecological and menopausal care.

Seeking Solutions

In more developed countries, women generally outlive men by 4 to 7 years. But higher rates of chronic conditions and specific health needs also compel women to schedule more doctor visits than men. For insurers – and employers who offer health insurance – this means not every adult has the same healthcare needs.

Don’t forget to consider your unique situation and health needs when selecting your health insurance plan.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision. 
No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content. 
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners. 
SOSS23092702