A new Debt.com survey shows that nearly 6 in 10 Americans say that inflation has not only hurt their pockets, but now it is damaging their health.
The survey indicates that 57% of those surveyed agreed in that “inflation has made it more difficult to pay my medical bills”.
But worse still, almost the 28% of 500 survey participants said they have been “avoiding medical care” because of what they already owe.
“We tend to think that inflation is annoying instead of dangerous”, said Don Silvestri , president of Debt.com. “But inflation means more than higher food and gasoline prices. It pervades everything we spend money on, including our physical health.”
Debt.com notes that Americans were already struggling with medical debt before inflation became a major financial problem. When Debt.com conducted the same survey last year, about half of respondents said they had outstanding medical debt, the same result as this year.
However, they owe less than the year past. Even so, that smaller number has proven more difficult to pay.
In 2021, 80% of adults owed more than $500. This year, only 57% owes that much. The largest debts come from smaller expenses, such as doctor visits and prescription drugs, rather than hospital stays or surgeries.
Although the debt is lower, more than a quarter of adults have sent your medical bills to collection. While inflation has made paying off medical debt more difficult, lenders are less willing to compromise in these uncertain economic times.
More than 3 out of 10 respondents tried to negotiate the cost of their bills, but most were unsuccessful. This should not stop Americans from seeking medical help. If inflation is eating into your income, Silvestri says there are better options than cutting health care.
“Your health is a priority not only for you, but also for your family,” says Silvestri. “If you don’t see a way to pay for your health care, then get another set of eyes for the problem: expert eyes. Call Debt.com and get a free debt analysis. At the end of that call, you will know exactly where you stand”.
You may also be interested in:
– Inflation: The products that have risen the most in price in the US in the past year, as of August 2022
– Americans have average personal debt of $22,354 dollars, according to study by Northwestern Mutual
– 3 simple rules to manage your money and achieve financial stability
2022