Hospital bills a common fear for most insured Americans
A recent survey among mostly insured Americans uncovered widespread concerns regarding unaffordability of hospital bills and medical debt, according to a news article from USA Today.
The JG Wentworth survey involved more than 1,500 U.S. respondents, nearly 97% of whom had health insurance. Investigators found that 95% of those who were insured stated that they worried about hospital bills for unexpected hospitalizations and that bills totaling about $4,300 would result in financial hardship. Further, more than 80% of the respondents revealed that they had medical debt between $1,000 and $10,000, a majority of whom believed they would be able to pay off their debt within three years.
Experts detailed that the cost for one night of hospitalization can exceed $3,000, but the average hospital stay can last up to six days. They stressed that medical debt across the United States is estimated to total $220 billion. While insurance coverage can reduce the costs for which patients are responsible, they still have to cover a portion of the hospital bill. Higher deductibles and unexpected charges can also contribute to greater medical costs.
When patients are underinsured, these charges can become unaffordable — and may lead to medical debt, delayed or missed care, and bankruptcy. For instance, nearly one-third of the survey respondents with chronic conditions stated that skipping drugs they couldn’t afford led to worsening of their symptoms, and about 96% of them felt they had to decide between their drugs and other essentials.
The experts advised patients worried about affording hospital bills or paying off medical debt to create a plan that accounts for their deductibles, out-of-pocket maximums and coinsurance rates. They also suggested considering a Health Savings Account, which involves tax-free contributions, growth and withdrawals to help cover expected and unexpected medical expenses. Patients can also ensure that their healthcare providers are in network prior to receiving care. For those who receive higher-than-anticipated charges, requesting an itemized statement can correct overcharges.
Read more: USA Today
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