Americans Have Begun to Raid Retirement Savings for Current Healthcare Costs

While American workers appreciate the benefits they receive at work, people are concerned about health care costs. And consumers’ collective response to rising health care costs is changing the way they use health care services and products, like prescription drugs. Furthermore, 6 in 10 U.S. health citizens rank healthcare as poor (27%) or fair (33%).
This sober profile on healthcare consumers emerges out of survey research conducted by EBRI (the Employee Benefit Research Institute), analyzed in the report Workers Like Their Benefits, Are Confident of Future Availability, But Dissatisfied With the Health Care System and Pessimistic About Future Access and Affordability.
Today, only 32% of workers are confident they can afford health care without financial hardship, falling to 25% of people looking out to the next ten years.
Workers with health insurance who face increasing costs are changing the way they use the health care system. Three-quarters (73%) say increased costs lead them to take better care of themselves. 55% of people are choosing generic drugs more often, one-half go to the doctor only for serious conditions or symptoms, and 49% delaying going to the doctor at all.

Current (rising) healthcare costs have begun to impact future retirement savings portfolios in several respects; among workers experiencing increases in healthcare costs in 2016:

48% decreased contributions to savings (in general)
36% of people had difficulty paying for other bills
31% increased c...

Source: Disruptive Women in Health Care - October 27, 2016 Category: Consumer Health News Authors: dw at disruptivewomen.net Tags: Consumer Health Care Cost Publc Health Uncategorized Source Type: blogs