Half of Americans fear major health event will lead to bankruptcy, study finds

Fifty percent of adults in the U.S. are concerned that if their family faced a significant health occasion, they might declare bankruptcy, according to a research study from West Health and Gallup..

Morgan Haefner –
Wednesday, September 2nd, 2020
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” The sharp increase in U.S. health care expenses, which was currently a substantial problem for Americans prior to the COVID-19 pandemic, has actually just been worsened by new challenges presented by the outbreak,” according to the poll. “In recent months, for example, 14 percent of Americans with most likely COVID-19 signs reported that they would prevent care because of cost, and 88 percent are worried about rising drug costs due to the pandemic. These COVID-19-related cost concerns also include a significant racial divide.”.

The study, based upon 1,007 interviews conducted July 1-24, found this worry is increasing compared to previous years. In the in 2015, worry of medical insolvency has actually increased 12 percent among adults ages 18-29, and 9 percent among individuals ages 30-49..

” The sharp increase in U.S. healthcare costs, which was already a substantial problem for Americans before the COVID-19 pandemic, has actually only been worsened by brand-new obstacles presented by the break out,” according to the poll. “In recent months, for example, 14 percent of Americans with likely COVID-19 symptoms reported that they would avoid care since of cost, and 88 percent are worried about increasing drug costs due to the pandemic. These COVID-19-related cost concerns likewise come with a considerable racial divide.”.

Check out the full survey here..

More short articles on health care financing: Florida hospital closes Aug. 31CMS threatens to end Chicago medical facilitys Medicare contractHospitals deal with closure as $100B in Medicare loans come due.

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When it pertains to unpaid costs, 15 percent of grownups said a least a single person in their home has medical financial obligation that will not be paid back in the next year, according to the poll. Twenty-six percent of respondents said they would need to obtain cash to pay a $500 medical expense..