High medical costs can cause long-term financial problems. Underinsured adults who had problems paying medical bills or had medical debt report using up all their savings and/or received a lower credit rating because of their inability to pay bills.
MIDDLE AND LOWER-INCOME FAMILIES HIT HARDEST
Lower-income workers may spend up to 20% of their household income on insurance premiums, compared with 3% for those in the highest income bracket.
CONSUMERS FORGO NEEDED CARE
Many families have to stretch to afford care. Research shows 25% of those who receive care have difficulty paying their medical bills.
CONSUMERS SUFFER MEDICAL HARM
Medical harm includes: Serious Reportable Events—more commonly called “Never Events;” Healthcare-acquired Conditions; Healthcare-acquired Infections; Medication Errors; and Diagnostic Errors.
DIVERTS GOVERNMENT RESOURCES
Medicaid’s share of state budgets is expected to rise in coming years driven by rising underlying prices, provider market power and state population demographics, among other cost drivers.
HEALTHCARE VALUE HUB
The Healthcare Value Hub can help you find free, timely information about policies and practices to achieve health systems that are equitable, affordable, and focused on the goals and needs of the people the system is meant to serve.