Financing options help fill the healthcare access gap
Nov. 19, 2024 / Content supplied by Care Credit
With national health expenditures, both public and private spending, projected to climb from $14,423 per person in 2023 to $21,927 per person in 2032,1 Americans are feeling the pinch when it comes to making decisions on health and wellness care.
Even with health insurance, consumers are being asked to shoulder more responsibility for their health and wellness care in the form of higher premiums, deductibles and copays, along with higher prescription drug prices, which has resulted in the average person paying $1,310 per year in out-of-pocket medical expenses.2 Dental insurance can be particularly problematic as there is often no max for out-of-pocket care, even after reaching the deductible.
Healthcare affordability is a barrier to accessing care
In 2023, about half of American adults said it’s difficult to afford healthcare costs, particularly in the current economic environment, and as many as 53 percent of consumers reported delaying medical care due to cost.3
“Even with the costs of healthcare continuing to increase, Americans still recognize the value of overall wellness and want to prioritize maintaining their vision of a good quality of life,” said Jason Helfrich, co-founder and CEO of 100% Chiropractic. “The challenge for many people is that affordability remains a significant barrier.”
According to a study by Synchrony, a leading consumer financial services company, a staggering 80 percent of consumers do not have a dedicated savings account that can be used for healthcare costs and among those who do, almost half say it’s not enough.4 Nearly half of Americans have $500 or less in their savings accounts.5
Sources
1Centers for Medicare & Medicaid Services. National health expenditure data.2024.
https://www.cms.gov/data-research/statistics-trends-and-reports/national-health-expenditure-data/projected.
2Lifetime of Healthcare Costs Research. 2022. https://image.emails.carecredit.com/lib/fe331570756406747d1173/m/2/1a90c56b-55cd-4ba9-ab0f-97907af17049.pdf
3Healthcare Journey Research: Consumers and Providers. 2023.CareCredit is a Synchrony solution.
https://www.carecredit.com/providers/insights/how-cost-impacts-patient-and-provider-journey/
4Lifetime of Healthcare Costs Research. 2022. https://image.emails.carecredit.com/lib/fe331570756406747d1173/m/2/1a90c56b-55cd-4ba9-ab0f-97907af17049.pdf
5Olya, G. January 17, 2024. How Much Money Do Americans Have in Their Bank Accounts in 2024? GoBankingRates.
https://www.gobankingrates.com/banking/banks/how-much-money-do-americans-have-in-their-bank-accounts-in-2024/
Original Article: https://www.washingtonpost.com/creativegroup/carecredit/financing-options-help-fill-the-healthcare-access-gap/
