average health insurance cost percentage household budget

#AVERAGE HEALTH INSURANCE COST PERCENTAGE HOUSEHOLD BUDGET DRIVER#

The number-one driver was hospital care, reported by 54% of debt-holding respondents. The survey also shed light on what is putting people into medical debt.

Nearly half (48%) reported $2,000 or more in outstanding medical or dental bills or other health-related debt. The vast majority (85%) of respondents with current medical debt owe at least $500. This figure was highest for people without insurance and lowest for people on Medicaid coverage, which is typically heavily subsidized and meant to shield lower-income people from medical expenses. One-third (32%) of respondents said that they currently have medical or dental bills they’re paying off over time. The fear of unmanageable medical costs that prevents many people from getting care they need is well-founded. This experience was common regardless of insurance type. Overall, 65% of respondents said that rising prices on other goods and services affected their family’s ability to pay for healthcare. The reverse is also true: inflation is also making it harder for Americans to afford their healthcare costs. For example, 57% of uninsured people and 30% of people with private insurance said healthcare costs made paying for food more difficult. But even people with private insurance reported this financial strain. People without health insurance were most likely to report that healthcare costs make it more difficult to pay for other necessities. These budget-busting expenses are making it harder for American households to afford other basic costs such as utilities, food, credit card bills, housing, and car payments. Fifty-seven percent of respondents said 10% or more of their monthly household budget goes toward healthcare costs 17% said healthcare costs account for 25% or more of their budget. Medical costs are not just threatening people’s physical health but their financial health as well. Though the rates varied by type of coverage, more than half of every group reported that health issues worsened after skipping care due to affordability. A majority (57%) of survey respondents reported that their health problems got worse as a result of putting off needed care. “Patients’ experience ranges from confusion to frustration to legitimate threats to their health and well-being.”ĭelaying or avoiding care can have serious consequences. “Almost every day, I see the challenges that patients face in regards to healthcare affordability,” Betancourt said. Joseph Betancourt, M.D., president of The Commonwealth Fund and a primary care provider, said in a briefing that the findings did not shock him at all. Nearly two-thirds (64%) of uninsured people said they had gone without care, as did approximately 40% of people on Medicaid, Medicare, and Marketplace plans.Ĭosts get in the way even for people with employer-sponsored health insurance, 29% of whom said that they had skipped or postponed needed care because of cost. Overall, 36% of respondents said that they or a family member had put off or skipped needed healthcare, including prescription drugs, because of cost. This survey underscores prior surveys that show worries about healthcare costs lead people to avoid or delay seeking care.

Average health insurance cost percentage household budget