Numbers can be misleading without context. While most patients have health insurance, the majority of American families live paycheck to paycheck and are at risk of rationing care.
“The Access Channel: How Healthcare Financing Keeps Patients Engaged,” a PYMNTS report with research sponsored by CareCredit, found that 54% of patients have insurance that covers all household members, and 30% have insurance that does not cover all household members.
Get the report: The Access Channel: How Healthcare Financing Keeps Patients Engaged
At the same time, the report found that 54% of Americans earning between $50,000 and $100,000 annually live paycheck to paycheck, as do 40% of those who earn more than $100,000 per year.
Consumers who live paycheck to paycheck face significant healthcare costs, even when they have insurance coverage, due to the costs of health insurance premiums and out-of-pocket healthcare expenses.
Cost concerns are the main reason that one-third of U.S. consumers have foregone medical treatment or refrained from making a necessary appointment. Among the consumers who opted not to make necessary healthcare appointments, 22% said the most important reason was that they could not afford the care or treatment. Another 21% said the most important reason was that they were concerned about the cost.
Payment plans or third-party financing can make care accessible, and 45% of consumers say they are interested in accessing this option for future healthcare visits. In fact, 26% say they are very or extremely interested, and another 19% say they are somewhat interested.
Among the consumers who have used or are interested in using payment plans or third-party financing, the largest share said the option allowed them to pay other bills or better budget their expenses. That was the reason given by 41% of consumers who have plans or financing and 37% of those who are interested in doing so. Other top reasons were that the bill was higher than expected and that the bill came at a time when the consumer was low on money.
