Families
are facing holiday disruption in various forms due to medical cost concerns in
the last two years, including bowing out on holiday giving.
Within
the past two years, high medical costs led nearly 3 in 4 American families with
children under 18 to make a sacrifice or hard decision during the holidays.
This is according to the 2019 Aflac Health Care Issues Survey released
by supplemental insurance company Aflac.
The
national online survey of 1,127 U.S. adults looked at how medical costs from
the last two years have affected Americans during the holiday season and
year-round, as well as the rate of hospital visits and regrets related to
healthcare coverage decisions.
Among
families who visited the hospital in the past two years, 73% faced medical
expenses beyond copayments or deductibles. These out-of-pocket costs can be
significant, with 47% of those families reporting having spent $500 or more.
According to the National Retail Federation, $500 is about half
of what the average shopper plans to spend this holiday season: $1,047.83.
Families
are facing holiday disruption in various forms due to medical cost concerns in
the last two years, including bowing out on holiday giving. Nearly 1 in 4
families say they had to spend less on holiday gifts, and 20% decided against
purchasing a gift for a loved one altogether.
More
than 1 in 4 families said they had to rely on a credit card, nearly 1 in 5
borrowed money from a friend or family member, and 12% took out a loan during
the holiday season as a result of medical cost concerns.
In
addition, about 19% of families canceled travel plans to see friends and
family, and about the same number canceled holiday events. Plus, wage earners
in 17% of families picked up extra hours during the holidays to offset medical
expenses -- meaning less time spent with friends and family.
WHAT'S
THE IMPACT
Other
findings from the survey indicate many U.S. families deal with health insurance
remorse, with 42% saying they made healthcare coverage decisions they regretted
within the past two years. Top reasons for regret include choosing a plan with
limited benefits, going to an out-of-network provider, choosing too high a
deductible and not sufficiently researching their benefits.
In
addition, financial fears affect continued access to healthcare year-round, not
just during the holidays, with 35% of families reporting they have postponed
their own medical appointments, and 24% having postponed taking a family member
to see a medical professional due to medical costs concerns.
Across
all groups, the results held steady, with more than half of respondents saying
they had to make some type of sacrifice or hard decision during the holiday
season because of medical costs. Specifically, 1 in 5 said they had to spend
less on holiday gifts or rely on a credit card in the past two years due to
medical cost concerns.
THE
LARGER TREND
It's
little wonder that medical costs are a challenge for many families; insurance
costs alone can be onerous. Average 2019 health insurance premiums are $1,403
per month for families of four who don't qualify for subsidies under the
Affordable Care Act, according to an eHealth report released in June.
While
overall premiums were relatively flat compared to the 2018 open enrollment
period, costs for two- and four-person families hit a couple of new milestones.
The
first is that total combined annual premiums plus deductibles for a four-person
family topped $25,000 for 2019. The second is that average premiums for two-person
families broke $1,000 per month for the first time this year.
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