July 23, 2024

The ability of Americans to access affordable healthcare has declined in recent years, according to a new report by Gallup and the nonprofit West Health.

According to the report, entitled Tracking Healthcare Affordability and Value: The West Health-Gallup Healthcare Affordability Index and Healthcare Value Index:

“Cost security among U.S. adults has dipped to its lowest level in 2024, down six points since 2022 to just 55%. This decline is driven primarily by adults aged 50 to 64 (down eight points to 55%) and 65 and older (down eight points to 71%). Younger adults under the age of 50, after ticking up in 2022 to 52%, have slid to 47%. For all three age groups, these levels represent recorded low points for cost security.

“The remaining 45% of American adults are classified as either Cost Insecure or Cost Desperate. Adults under the age of 65 are more than three times as likely to be Cost Desperate as those aged 65 and older (10% to 3%). The percentage of those Cost Desperate aged 50 to 64 has ticked up to 10%, the highest level measured for this group thus far.”

They estimate that 8 percent of US adults are “Cost Desperate,” by which they mean:

“These persons report recent occurrences of being unable to pay for household care, being unable to pay for prescribed medicine and feeling that they would not have access to affordable quality care if needed today.”

Other research from the University of Michigan’s Institute for Healthcare Policy and Innovation’s National Poll on Health Aging reveals the impact these increasing costs are having on older adults.

According to the Institute’s new report, entitled Making Ends Meet: Financial Strain and Well-Being Among Older Adults:

“Overall, 16% of adults age 50 and older said that in the past year they had trouble paying for health insurance, prescription drugs, or health care services, or that they delayed getting or did not get needed health care. Those in fair or poor mental health were more likely than those in excellent, very good, or good mental health (35% vs. 14%) to have had trouble with the costs of health care. The same was true for those reporting fair or poor physical health compared with those with better physical health (29% vs. 13%).

“More than half of older adults (58%) took at least one action in the past year to reduce expenses or make money available for other purposes. Overall, 47% cut back on discretionary spending, 29% cut back on savings, 19% used credit cards without paying the monthly balance, 15% cut back on necessities, 10% borrowed money from family or friends, and 7% took out new loans or refinanced their home.”

World Health Systems Facts is a project of the Real Reporting Foundation. We provide reliable statistics and other data from authoritative sources regarding health systems and policies in the US and sixteen other OECD member nations.

Page last updated July 23, 2024 by Doug McVay, Editor.