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Younger Generations More Likely to Avoid Healthcare Due to Cost

The impacts of possible changes, including repealing and replacing the Affordable Care Act, to healthcare legislation and services in the U.S. remain uncertain; but consumers are consistent in their concern about the cost of care, according to results from Bankrate’s recent Money Pulse survey.  Thirty-one percent of Millennials said they avoid medical care because of the cost, according to the survey of 1,002 adults in the U.S. conducted in May.

Twenty-five percent of Generation X, 23 percent of Baby Boomers and 8 percent of the Silent Generation in the survey said cost caused them to avoid medical care, Bankrate.com reports.  “It’s very concerning that people are forgoing medical attention because of the expense,” said Robin Saks Frankel, credit card analyst at Bankrate.com, in a news release. “Thirteen percent of respondents don’t have any health insurance at all—a risk that could cost them. 

Unexpected medical bills can lead to a huge financial burden that could take years to pay off should something go wrong.”  “Older millennials (ages 27-36) are most likely to forgo care due to cost … [and] about one in three Americans in that age group say they’ve chosen not to seek needed medical attention because they couldn’t afford it,” according to Bankrate.com.  

When asked how worried they are about access to affordable health insurance in the future, 35 percent of respondents said they are very worried; 21 percent said they are somewhat worried; 17 percent said they are not too worried; and 24 percent said they are not at all worried.  “That’s about the same level of concern we found when we asked the same question in August 2014, nearly a year after the opening of the health insurance exchanges created under former President Barack Obama’s healthcare overhaul,” Bankrate.com reports.

The survey also shows more than half (56 percent) of all respondents are concerned about health insurance coverage. Sixty-four percent of Generation X respondents said they are concerned about coverage; followed by 58 percent of Baby Boomers; and 56 percent of Millennials, according to Bankrate.com.  “That fear of the unknown is understandable, Tevi Troy, CEO of the American Health Policy Institute, told Bankrate.com. 

“But, he says coverage isn’t likely to change much for the estimated 177 million Americans who get health insurance through work. Employers are likely to continue providing affordable healthcare because it helps with recruitment, retention and employee morale—factors unrelated to any changes in government policy.”

More information:  http://ow.ly/9IEh30cOLsd and http://ow.ly/ixnA30dZvFJ

 

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