Unexpected Medical Bills More Difficult to Afford
Healthcare costs are rising, including insurance deductibles, and Americans are finding it difficult to afford the unexpected medical costs.
The Associated Press-NORC Center for Public Affairs Research surveyed 1,008 U.S. adults between April 14 – 18, in regards to the economy and household finances and recognized the following findings:
- Of participants making less than $50,000 annually, 75% said they would have difficulty affording an unexpected bill amounting to $1,000.
- Of participants making between $50,000 and $100,000 annually, 67% said they would have difficulty affording a $1,000 surprise bill.
- Of households making more than $100,000 annually, 38% said they would at least have some difficulty coming up with $1,000.
- When faced with an unexpected $1,000 bill, a majority of participants said they wouldn’t likely have the money on hand to pay the bill. One-third of the participants said they would have to use a credit card or borrow money from the bank, friends or family to pay the bill. And 13% said they would forgo paying other bills to afford the surprise bill, while 11% said they would likely not pay the bill at all.
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