Paying for needed health care remains a challenge for many Americans, despite efforts by providers, insurers and government to rein in costs.
PayZen, a health care technology company, surveyed more than 1,000 Americans who had a hospital visit or surgery for themselves or a dependent in the last 24 months about the accessibility and affordability of health care. The report revealed several concerning trends. Three-fourths of respondents worry about affording unexpected medical bills, and the average respondent can afford a maximum monthly payment of only $97 for out-of-pocket medical expenses.
As a result, many patients have had to resort to unsafe and unhealthy measures. Thirty-six percent of responders have skipped or postponed medical care in the past 12 months because of cost. This number goes up to 83% for uninsured individuals.
- Forty-nine percent of this group has skipped preventive visits, followed by prescription drugs (48%), mental health care (40%) and diagnostic testing (39%).
- As a result of skipping or postponing such medical care, responders have experienced increased stress and anxiety (68%), worsened health problems (48%) or a negative impact on job performance or career progression (49%).
- Uninsured individuals are more likely to skip or postpone medical care for more than a year because of cost (63%).
However, inability to pay isn’t the same as unwillingness to pay. Nine in 10 respondents would forgo certain luxury item to pay for health care. The report also revealed that Americans are optimistic about the potential for extended payment options and other affordability technology solutions to help alleviate these problems. Three-fourths agree that making monthly payments over a period longer than 12 months would make medical bills more affordable, suggesting a need for flexible payment solutions. The same percentage said having multiple options to pay over extended periods would make them more likely to pay medical bills.
“These findings underscore the urgent need to address health care affordability issues to ensure equitable access to essential services and alleviate financial burdens on individuals and families,” said Itzik Cohen, founder and CEO of PayZen. “It’s not a willingness to pay issue, it’s a financial capacity to pay problem.”