Consumers worried about paying medical expenses

May 20, 2020

Todd Shryock, contributing author

Logan Lutton

The COVID-19 pandemic has become a great source of stress in the U.S., especially when it comes to finances.

A survey of 1,004 people commissioned by AccessOne, a patient finance solutions company, found that the COVID-19 crisis has created a great deal of financial anxiety among consumers. Many fear job losses and the inability to pay for medical expenses, and when it comes to payment priorities during the pandemic, medical expenses rank last.Other key findings include the following:

67% of consumers expect a loss of income due to COVID-19.

75% of consumers in the $100K+ income bracket are very or somewhat concerned they will lose their jobs as a result of the coronavirus pandemic.

64% of families are very or somewhat concerned they will be unable to pay their medical expenses.

51% of respondents worry they will lose their health insurance due to the pandemic.

68% are concerned about their ability to pay for general medical expenses for the year.

64% of families with children are very or somewhat concerned about their ability to pay for medical care this year.

62% of Gen Xers and millennials and 53% of Gen Zers say they are very or somewhat concerned about their ability to pay for medical expenses this year, compared with 33% of baby boomers.

43% of consumers don’t expect unemployment benefits or government aid to be enough to cover their living expenses if they were to become unemployed.