The Commonwealth Fund report, Too High a Price: Out-of-Pocket Health Care Costs in the United States, is based on the Commonwealth Fund Health Care Affordability Tracking Survey, which was conducted among a nationally representative sample of 2,751 adults ages 19 to 64 between September and October. The majority of people surveyed had employer-sponsored health insurance, but people with federal marketplace plans, individual health insurance, Medicaid or other coverage were also included in the sample.
Findings from the report are shown below.
- Thirteen percent of survey respondents said they spent 10 percent or more of their incomes on healthcare costs (excluding premiums).
- Low-income adults are more likely to have high out-of-pocket healthcare costs: 41 percent of respondents with annual salaries of less than $11,490 spend 5 percent or more of their income on out-of-pocket costs, and 31 percent spend 10 percent or more.
- Privately insured people across all income groups reported having trouble affording deductibles: 43 percent of respondents reported their deductible was somewhat, very difficult or impossible to afford.
- Low and moderate income adults reported the highest level of difficulty affording deductibles, with 49 percent of respondents making $22,980 to $45,960 per year, 64 percent making $11,490 to $22,908 per year and 58 percent making less than $11,490 per year reporting it was somewhat, very difficult or impossible to afford their deductible.
- In comparison, 27 percent of respondents making more than $45,960 per year reported this level of difficulty in paying for their deductibles.
- Out-of-pocket costs associated with healthcare lead to people skipping needed care: 40 percent of people earning less than $22,980 reported at least one example of skipping necessary healthcare because of their plan’s copayments or coinsurance, and 40 percent of privately insured people whose deductibles represented 5 percent or more of their income reported at least one instance of skipping necessary healthcare.
More articles on healthcare finance:
11 recent hospital rating and outlook changes, affirmations
55% of uninsured Americans plan to get insurance to avoid fine
5 most-read finance stories: Week of Nov. 10-14
At the Becker's 11th Annual IT + Revenue Cycle Conference: The Future of AI & Digital Health, taking place September 14–17 in Chicago, healthcare executives and digital leaders from across the country will come together to explore how AI, interoperability, cybersecurity, and revenue cycle innovation are transforming care delivery, strengthening financial performance, and driving the next era of digital health. Apply for complimentary registration now.
