How Americans’ Health Care Costs Affect Their Work and Savings
Two out of every five Americans are postponing health care needs due to cost concerns, according to a survey commissioned by Paytient Technologies.
A new study confirms that many Americans are struggling to pay for even basic health care, and the cost of saving is taking a variety of tolls, including heightened health problems.
In a study released Wednesday by Paytient Technologies Inc., a health care payment provider, 40% of respondents admitted to delaying health care due to cost. The top types of care this subset delayed were:
Regular visits / checkups | 32% |
Follow-up visits for a specific symptom / condition | 30% |
Tests (blood, biopsies, etc.) | 28% |
Imaging (X-rays, mammograms, etc.) | 27% |
Specialist referrals | 27% |
Regular treatment for chronic conditions or recovery | 24% |
Prescription medication | 23% |
Emergency visits / urgent care | 23% |
Outpatient surgeries | 20% |
Inpatient surgeries | 9% |
Medical devices (wheelchairs, asthma pumps, etc.) | 5% |
The delay in these preventative measures and, at times, direct care, is adding additional problems and costs in the future. Of the 40% of people who delayed care due to cost, 23% said they developed new symptoms or conditions, and 38% reported that their health got worse. Moreover, 19% resorted to working a second job during work hours to pay for health care, and 31% felt compelled to lie to their bosses about their activities while dealing with the consequences of deferred medical attention.
Concerns about paying for health care are already a drag on many American’s retirement hopes. More than half (59%) of respondents in a separate annual survey done by Nationwide lack confidence in their ability to pay for health care costs as they age. Another 57% worry about their ability to pay for caregiving for their partner or spouse, according to Nationwide’s Health Care Cost in Retirement Survey, released in October 2023.
Work Reduction
Paytient, in its survey, examined the repercussions of delayed care on the workforce, revealing that one in six respondents’ work was directly affected by health issues they could not afford to treat. Among this group, 69% admitted to being distracted by pain at work, and 31% experienced panic attacks on the job.
Meanwhile, paying for insurance that might help offset health care costs is difficult in and of itself, according to the findings. The study found that 69 million workplace-insured Americans failed to meet their deductibles in the prior year. Almost half of respondents with insurance (45%) did not meet their single coverage deductibles in 2023, by an average of $1,482.
Some workers even moved with their feet to find better health care options: 17% of workplace-insured Americans made the decision to leave their jobs in pursuit of better health care.
Help Wanted
The need for medical attention comes as employers are placing a greater emphasis on wholistic financial wellness, which includes addressing health care costs.
“The results of this study spotlight the invisible insecurity of insured Americans as health insurance alone no longer guarantees access to care,” said Brian Whorley, founder and CEO of Paytient, in a statement. “Bringing this narrative into the national dialogue on healthcare highlights an opportunity for employers to affordably ensure employees have the security and certainty that they will be able to access and pay for care when they need it.”
The study included a diverse cross section of employed Americans with respect to gender, ethnicity/race, region, occupation, income level, seniority level, family type and health conditions. Respondents were of above-average income, with one in five earning more than $100,000 per year and 46% in managerial or higher positions. A quantitative sample was collected in January 2024, totaling 1,516 survey responses.
The research was conducted by Nonfiction Research LLC and commissioned by Paytient, a technology company that delivers financial and care solutions to more than 25 million Americans.