January 8, 2016

Insured Face Medical Debt, Americans Not Prepared for Unexpected Expenses and more in CarePayment’s News You Can Use

By CarePayment

Even Insured Face Medical Debt, Study Finds

Americans who are facing challenges when it comes to medical bills are those who have insurance, according to The New York Times. The rise of high deductibleinsured face medical debt health plans has shifted more financial responsibility to adults; an issue that has caused Americans to either skip care or skimp on other necessities. Sixty-three percent of these adults had to utilize all or most of their savings to cover their medical bills. Forty-two percent worked longer hours and/or took a second job, while fourteen percent either moved or opened their doors to a roommate and eleven percent looked into charity.

10 Things to Know About High Deductible Health Plans

Becker’s Hospital Review lists ten items healthcare professionals and consumers should know about high deductible health plans (HDHPs). Some of the items focus on how HDHPs are impacting the affordability of healthcare. For instance, premiums are expected to dramatically rise in 2016; states will see increases anywhere from 23 percent to 54 percent. Due to the premium increase hikes and growing deductibles, 57 percent of Americans, aged 19-64 years old, cannot afford a health plan. Forty-three percent of adults who have private insurance say their deductible is unaffordable. Other aspects to be aware of include skipping necessary care because of costs, searching alternative options for healthcare, and health systems restructuring their billing cycle to adapt to consumer needs.

Survey: How Americans Contend with Unexpected Expenses

A recent survey conducted by illustrates how American households are not prepared for an unexpected expense of $500. Nearly 63 percent of adults would not have enough savings for an unexpected $500 car repair or a $1,000 emergency room visit. These adults turned to other resources including credit cards, borrowing money from family and friends or reducing their spending on other needs.

Working-age Cancer Survivors Face Significant Debt, Bankruptcy

Becker’s Hospital Review reports how cancer survivors are feeling financial pressure in regards to their medical bills. Sixty-four percent of cancer survivors are concerned about paying their healthcare expenses. Thirty-four percent of respondents stated that someone in their family has debt because of cancer. Forty percent have made other financial sacrifices to pay their medical bills, while three percent have filed for bankruptcy.