Soaring Healthcare Costs Force Many Americans to Skip Medical Treatment

USA: A new report from the U.S. Federal Reserve has revealed a concerning trend: over a quarter of Americans had to forgo medical care in 2023 due to prohibitive costs. The Economic Well-Being of U.S. Households report highlighted the stark reality that the likelihood of skipping medical treatment is strongly tied to an individual’s family income and health insurance coverage.

Affordability Crisis

Despite 91% of American adults reporting having health insurance, a staggering 27% admitted to going without some form of medical care because the cost was too expensive. This figure remained relatively unchanged from 2022 but marked an increase from 24% in 2021, underscoring the persistent affordability crisis in the healthcare sector.

In a quote that encapsulates the gravity of the situation, the report stated:

“Among Americans that were uninsured, 46% said they skipped medical treatment because they couldn’t afford it, compared with the the 25% of American adults that were insured and had to do the same.”

The survey revealed that dental care was the most commonly skipped medical treatment, followed by visits to doctors or specialists, prescription medicine, follow-up care, and mental health care.

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Income Disparity

The report highlighted the stark income disparity when it comes to accessing healthcare. Adults with a family income of less than $25,000 accounted for a staggering 42% of those who said they skipped medical care due to costs, in contrast to just 12% of adults earning $100,000 or more.

Unexpected medical expenses can be a significant financial burden for American families. Only 63% of respondents stated that they could afford to pay an unexpected $400 expense with cash, savings, or a credit card that they could pay off in their next statement. The remaining 37% said they would have to borrow or sell something to cover the expense, underscoring the precarious financial situation many households find themselves in.

The Federal Reserve’s report paints a concerning picture of the healthcare affordability crisis in the United States. As medical costs continue to soar, many Americans are forced to make difficult choices between seeking necessary treatment and financial stability. Addressing this issue will require collaborative efforts from policymakers, healthcare providers, and insurers to ensure that quality medical care remains accessible and affordable for all.

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