It is no secret that healthcare costs are a concern to many millennials today, notably amid the ongoing U.S. healthcare debate.
A recent survey conducted by San Francisco-based consumer healthcare company Amino in partnership with global market research firm Ipsos only comes to substantiate this reality, with findings indicating that 1 in 5 Americans forgo doctor checkups to avoid high costs.
Of the 1,006 adults surveyed, a blistering 74 percent acknowledged that their healthcare costs have gone up over the past few years while 64 percent admitted they want to lower their medical costs but don’t know how to go about it.
On an even more striking note, 63 percent of participants view receiving a medical bill they cannot afford to be equally as bad as actually being diagnosed with a serious illness.
Moving on to Gen Y, a whopping 50 percent of millennials have received a medical bill they hadn’t budgeted for, while 27 percent of them simply skip going to the doctor in order to refrain from paying high medical bills.
Besides rising medical costs, part of this unpreparedness is linked to patient-centered factors. “Neglecting to save for medical expenses may be partially explained by lack of awareness,” the survey report reads.
“For example, Amino’s cost estimate for a non-surgical broken arm repair is, on average, $1,100 — yet 46 percent of Americans said they estimate it costs less than $500. Only 7 percent of Americans guessed within the correct price range.”
However, the aforementioned findings do not mean nothing can be done to avoid high medical bills.
The report cites several ways to manage the issue, from contributing to a health savings account to using a service like Amino to estimate the cost of health procedures and services, and warns that forgoing doctor checkups could rather lead to costlier medical expenses later on due to the lack of preventive care.