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A third of working Americans are seeing an increase in medical costs this year, according to a survey released Thursday by the Employee Welfare Institute.
Research shows that these costs have reduced some employees’ contributions to severance pay plans, delayed doctor’s consultations, increased credit card debt, and depleted all or most of their savings.
According to surveys, 4 out of 10 respondents with increased medical costs had problems paying invoices and basic living expenses. Its share has increased from 29% in 2020.
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Paul Fronstein, director of EBRI’s Health Research and Education Program, said:
“I don’t want people with chronic diseases to run off medication to control their condition,” he said. “If they can’t reduce, it can reach that point. [other] Expenditure. “
EBRI’s annual Workplace Wellness Survey surveyed 2,016 American workers aged 21-64 from July 7 to July 27. The survey did not identify specific costs for workers, such as insurance premiums and out-of-pocket costs.
In some cases, according to Fronstein, it should come as no surprise that a third of workers reported higher medical costs than this year. He said Americans are accessing more medical services than last year when medical facilities were closed or people were afraid to go straight to the promises.
According to medical indicators released in May by consulting firm Milliman, annual medical expenditure decreased by 4.2% in 2020 compared to 2019. It was the first drop in its price index as Americans ended or postponed care, according to a consulting firm.
According to Milliman, medical expenses are expected to increase by 8.4% ($28,256) this year compared to last year. (The company measures the cost of a preferred provider organization sponsored by the average employer, or a PPO, a family of four covered by health insurance.)
Consumer health spending in August 2021 was up 0.4% compared to the previous year, according to data from the Federal Reserve Bank of St. Louis. (These figures describe the US population, in contrast to Milliman’s data, which is covered by workplace health insurance.)
According to an EBRI study, increased medical costs have reduced 49% of employees’ retirement pension savings, 48% delayed doctor consultations, 48% increased credit card debt and reduced 47% of all savings. Or almost tired. ..
However, not all effects were negative. 63% also increased their contributions to medical savings accounts, which are tax-advantaged accounts for workers with high-deductible health insurance.
According to a survey, one in three employees have higher medical costs this year.
Source Link According to a survey, one in three workers have higher medical costs this year.