Patients are taking on greater financial responsibilty for their healthcare expenses, but their liabilities often exceed the amount they can afford, according to a new report.
As patients shoulder larger portions of their healthcare costs, health systems may need to begin offering more flexible payment plans.
While the average deductible for a bronze-level marketplace health plan is more than $7,000, the average patient can only afford a medical bill of $2,350 over a 24-month period, according to a recent report from PayZen. However, most health systems that offer in-house payment plans cap their terms at 24 months.
See key figures from the report in the infographic below or read more about the report here.
Luke Gale is the revenue cycle editor for HealthLeaders.
KEY TAKEAWAYS
The undersinsured rate has soared since 2010, which means the patient liability for many medical bills is more than they can afford, according to a recent report from PayZen.
Under a 24-month payment plan, a $2,350 is the maximum amount for a medical bill that the average working-age American can afford.