According to a new study by Assurance IQ, many Americans are afraid to seek medical care due to the cost.
In a new and extensive study conducted by Assurance IQ, there are some revealing findings about healthcare.
The study states that “(65%) of Americans couldn’t say for certain what their health insurance deductible was, meaning they likely haven’t budgeted enough for out-of-pocket costs. Nearly one-fifth (19%) avoided seeking care in the past year because they weren’t sure if their insurance would cover it.”
“You know, this is part of the lag and delay we’re all experiencing right now with the economic slowdown,” said Paul Oster, a credit repair specialist and founder of Better Qualified.
Oster said that inflation and the rising costs of rent, home insurance, and auto insurance are a big part of the problem.
“If you read the study, most of them couldn’t cover what I’d consider a small deductible, $250, $500,” Oster said. “They don’t have savings because all their money is being eaten up by this new inflationary environment.”
The study also found that “people who navigated government health exchanges showed the highest levels of confusion. (61%) said they skipped care due to costs in the past year compared to less than half (48%) of those with employer-sponsored coverage and 47% of those with Medicaid.”
“What they’re doing is putting it off, which is actually increasing the cost of healthcare,” said Chuck Czajka, a personal finance advisor.
Czajka said that while some medical bills and copays are expensive, putting off a doctor’s visit is never the answer.
He advises consumers to cut unnecessary expenses as much as possible and save.
“You have to conserve your dollars. Today’s dollar is the most valuable dollar you’ll ever have because inflation is eroding it,” Czajka said. “So maybe you want to find a way to save more, perhaps set up healthcare accounts, separate accounts for deductibles in the future, in case you need them.”
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