A new survey found that 63% of Americans report anxiety about paying for medical debt, compared to 47% who worry about getting better.
No one plans to get sick or injured, but for those who do, medical expenses often send their finances—and worries—spinning out of control.
Indeed, more than 40% of consumers, don't feel prepared to handled surprise medical costs, finds a new survey from Discover Personal Loans.
Not only that, but people often feel more stressed about how they'll pay for their medical care than even their health itself.
The survey found that 63% of Americans report anxiety about paying for medical debt, compared to 47% who worry about getting better.
The pandemic exacerbated many of these troubles and feelings, the survey also revealed. It found that 53% said the pandemic caused them to take on new medical debt.
These aren't small or insignificant debts, either, for the most part. According to the survey, nearly three-quarters of Americans with medical debt have more than $2,000 in outstanding payments.
In order to make these payments, people with medical debt report more often said they used their credit card (41%) than their medical insurance (38%), payment plans from their hospital (27%), or personal loans (22%).
Existing medical debt can also wreak havoc on future car, with 80% of people with existing medical debt saying they have postponed medical care because of the cost.
Specifically, Americans have put off:
- Routine checkups (44%)
- Purchasing medication (39%)
- Preventative testing (38%)
- Being seen for a sickness (33%)
- Surgery (27%)
- X-rays/scans (26%)
- A doctor-recommended treatment plan (24%)
- Seeing a specialist (24%)
They're also postponing paying for other expenses because of medical debt including other bills, saving for retirement, and even saving for their child's college education.
Alexandra Wilson Pecci is an editor for HealthLeaders.
