No, it is outrageous. The entire hospital bill for my birth in 1950 was less than $25 which was about 8% of a normal working man’s monthly pay and the average american only spent $197 per year on healthcare as a whole. Today if the average young guy is making about 3-4K per month a normal uncomplicated hospital delivery will run around $16,000 to 20,000 which is at least 4 times the monthly pay, so yes the costs have gone up a great deal. Shoot, in 1955 the average cost for one day in the hospital was $35 and adjusting for inflation you don’t even get close to that amount today.
If people wanted to be treated using the same methods, equipment, and training they had in 1950, I’m sure costs would be a lot cheaper.