Concern over the cost of cost of health care resulted in more than one-quarter (27 percent) of American adults forgoing medical treatment over concerns about their ability to pay, according to a recent report. The Federal Reserve’s Report on the Economic Well-Being of US Households in 2017 revealed the overall proportion of adults in the United States who missed out on treatment due to cost concerns increased by two percentage points on the 2016 data. However, the figures were still lower than in 2013, when nearly one-third of American adults opted to skip treatment for this reason.
Among the findings was that one in ten (11 percent) respondents failed to take prescription medication due to worries over the financial burden of health care. Between 2006 and 2015, the price of branded prescription medication rose by an average of 200 percent, according to Truven Health MarketScan data, which also noted the cost of six common brand-name drugs, including Ativan (lorazepam), Zovirax (acyclovir), and Humulin (insulin isophane), rose by 500 percent or more during this period.
According to the Federal Reserve’s report, the most commonly skipped treatment was dental care (19 percent), followed by visits to the doctor (13 percent). Furthermore, one-fifth of American adults experienced major unexpected medical bills at a median expense of $1,200 over the course of 2017, leaving 37 percent with unpaid debt as a result of the medical bills. The data also revealed adults from lower income families were more likely to skip treatment than those whose incomes were higher.
The survey noted health insurance was one factor that seemed to diminish the likelihood that adults will skip treatment. Last year, more than nine out of ten adults in the United States had health insurance. Of those without insurance, 42 percent went without medical treatment over cost concerns.
Earlier this year, management consulting firm Oliver Wyman published the results of a survey indicating consumers’ biggest healthcare concerns were rising insurance premiums (46 percent), the rising cost of medical care not covered by insurance (44 percent), and the rising cost of prescription drugs (35 percent).
In May 2018, President Donald Trump unveiled a “blueprint” of plans to lower the cost of prescription drugs in the United States, calling the issue “one of my greatest priorities” and pledging prices will fall “substantially” in the future.
