Paying for medical care can be an overwhelming burden, even for consumers who have health insurance.
"Health insurance can provide a financial safety net, but for many Americans, the cost of using that coverage still forces difficult choices," said Cate Deventer, a ValuePenguin senior writer and licensed health insurance agent. "Delaying care, rationing prescriptions and taking on debt all show that affordability challenges go far beyond monthly premiums. These decisions can worsen health outcomes and create even greater financial strain down the road."
The results of a new ValuePenguin survey reveal how financial pressure is shaping health care decisions nationwide.
- Nearly one-third of insured Americans have taken on debt to pay for medical care. This includes 32% of those with health insurance and nearly half of those with children younger than 18. Some are considering alternative ways to pay for care, such as borrowing from friends or family (16%), purchasing travel health insurance (11%) or even moving to a country with more affordable health care (10%).
- Financial pressure is leading many with insurance to contemplate dropping coverage. More than one-third have considered dropping their coverage, while two-thirds of Gen Zers have considered doing so. Meanwhile, 20% of currently insured Americans previously have dropped their coverage.
- The cost of medical care has forced insured Americans to take risks with their health. Twenty-nine percent say they have delayed or avoided medical care in the past year because of cost, while one-quarter say they have split pills, skipped doses or left prescriptions unfilled to save money. Additionally, 34% of insured Americans with children of all ages say they have skipped their own medical care to afford their children's health care.
- Nearly half of insured Americans have made financial sacrifices to afford health insurance. The most common sacrifices are cutting back on food and household needs (20%); family and personal spending (20%); and payments toward debt and financial obligations (15%).
Consumers can take several steps to help manage health insurance costs, including shopping around during open enrollment; considering a network-based plan; evaluating high-deductible plans paired with health savings accounts; and checking eligibility for Affordable Care Act Marketplace subsidies; and matching coverage to expected medical needs.
"These strategies can help consumers control health insurance costs while still maintaining protection against large, unexpected medical bills," the survey report concluded.
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