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Over half of consumers feel stress when paying medical bills and more than 9 in 10 say these payments have impacted their mental and physical health, according to a study from PayMedix. Higher deductible health plans and confusing or unaffordable medical bills are causing Americans to experience increased physical and mental health issues.
Key Survey Findings
The survey polled over 1,000 Americans with employer-paid health insurance and over 200 HR benefit managers. Here are some key survey findings:
- 44% of people with a credit score of 669 or lower say their deductible isn’t affordable
- 30% of Americans say they dipped into their savings after an unexpected medical bill, and 17% delayed payments
- Employees receive over 70 bills or statements annually and more than a quarter are unable to decipher what they owe
- 60% say that their employers are responsible for providing financial strategies and they are looking for assistance to address financial stress and confusion
The current state of healthcare billing also exacerbates health equity issues for underprivileged populations. Despite having insurance, individuals in these communities struggle to access financial credit, compounding affordability challenges. Consequently, more Americans are avoiding care or disengaging from the healthcare system.
Employer Takeaway
The high cost of health care is impacting Americans' health, causing stress and confusion. Workers now seek employers who offer financial strategies for managing health insurance. Download the bulletin for more details.
National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.
