How prices affect patient decisions
Patients are shouldering more of the healthcare cost burden than ever before. As a result, prices affect their decisions about healthcare.
Health spending on the rise
47% of Americans are on high- deductible plans.
60% say they have spent at least $1,000 on healthcare in the last 12 months.
38% spent $2,500 or more on care in
the past year.
Collections
Recevied a medical bill they were unable to pay in full and had it sent to collections:
22% of millennials
17% of Generation Xers
12% of Baby Boomers
Financial stress
40% of consumers aren’t sure how they would pay an unexpected medical expense under $500.
22% say a bill of less than $250 would prompt financial stress.
Delaying care
56% of survey respondents have delayed care due to cost
26% percent have delayed care by a year or more.
Payment options are unknown
• 74% say that in the past two years, their providers have not spoken with them regarding patient financing options or the availability of a payment plan.
Generation X trends
45% of Gen Xers have shopped around for care based on price.
43% are likely to switch providers for low- interest or no-interest payment plans.
61% desire flexibility in payment according to their needs.
Millennial trends
- 27% of Millennials have spent $5,000 or more on healthcare expenses in the past year, compared to 19% of Baby Boomers.
- Only 50% of Millennials understand their payment options.
- 42% are concerned about their ability to pay an unexpected medical expense under $500.
Baby Boomer trends
55% of Baby Boomers consider transparency on out-of-pocket costs to be a critical factor in evaluating a healthcare provider.
71% want to discuss their ability to pay for treatment with their physician.