Preventing Medical Debt From Disrupting Health and Financial Health
As the leading cause of bankruptcy in the U.S., medical debt impacts the financial lives of millions of vulnerable Americans each year. There are a number of immediate actions for healthcare stakeholders – including hospitals and health systems, insurers, and employers – to take to prevent medical debt and its devastating impacts. By working to prevent medical debt, organizations can support consumer health and well-being while also strengthening loyalty, trust, and community reputation.
~1 in 6 Americans (18%)
report medical debt in collections as of June 2020.
$140+ billion
in medical debt now burdens patients and their families across the country.
#1 most common past-due bill
that consumers are contacted about by debt collectors.
For Hospitals and Health Systems
Read about actionable strategies healthcare providers should take now to improve financial assistance and repayment programs, support informed patient decision-making, and proactively identify patients at risk for medical debt to target financial assistance.
For Insurers
Discover opportunities insurance providers should seize now to help members navigate plan selection, understand key terminology, reduce out-of-pocket expenses, utilize preventive care, and improve administrative processes that affect customers.
For Employers
Find out about proactive steps employers should take now to assess employee health insurance affordability, educate their workforce on insurance basics and out-of-pocket costs, help workers manage healthcare expenses, and offer plans based on employees’ needs and circumstances.
More to Explore
Exploring the Link Between Housing and Healthcare Costs and Weather Events
Households that experienced a weather event were also more likely to face a range of unexpected housing- and health-related expenses.
Financial Strain and Health
In the United States, financial stress significantly impacts overall well-being. A staggering 40% of Americans report experiencing high stress related to money, while 76% of American households live paycheck to paycheck.
Exploring the Interconnectedness of Financial and Mental Health
Our recent Member-exclusive Executive Roundtable shared several ways organizations can support people’s financial and mental well-being.
Written by
-
Michelle ProserSenior Director, Healthcare Solutions -
Manager, Healthcare Solutions
Preventing Medical Debt From Disrupting Health and Financial Health
Explore the trends. Discover new insights. Build stronger strategies.