“The Access Channel: How Healthcare Financing Keeps Patients Engaged,” a PYMNTS report with research sponsored by CareCredit, found that 54% of patients have insurance that covers all household members, and 30% have insurance that does not cover all household members.
Get the report: The Access Channel: How Healthcare Financing Keeps Patients Engaged
At the same time, the report found that 54% of Americans earning between $50,000 and $100,000 annually live paycheck to paycheck, as do 40% of those who earn more than $100,000 per year.
Consumers who live paycheck to paycheck face significant healthcare costs, even when they have insurance coverage, due to the costs of health insurance premiums and out-of-pocket healthcare expenses.
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Cost concerns are the main reason that one-third of U.S. consumers have foregone medical treatment or refrained from making a necessary appointment. Among the consumers who opted not to make necessary healthcare appointments, 22% said the most important reason was that they could not afford the care or treatment. Another 21% said the most important reason was that they were concerned about the cost.
Payment plans or third-party financing can make care accessible, and 45% of consumers say they are interested in accessing this option for future healthcare visits. In fact, 26% say they are very or extremely interested, and another 19% say they are somewhat interested.
Among the consumers who have used or are interested in using payment plans or third-party financing, the largest share said the option allowed them to pay other bills or better budget their expenses. That was the reason given by 41% of consumers who have plans or financing and 37% of those who are interested in doing so. Other top reasons were that the bill was higher than expected and that the bill came at a time when the consumer was low on money.
