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Most New Yorkers contend with high medical costs. But those costs are getting in the way of people seeking to buy a home or put money in a retirement account.
Sixty-two percent of New York City residents are concerned that their medical bills have delayed them from achieving major life milestones including starting a family, buying a home or saving for retirement, according to a survey commissioned by city health insurer MetroPlusHealth.
Even though 95% of people who responded to the survey had health insurance, one in five still faced difficulties affording out-of-pocket costs including co-pays and insurance premiums. Forty percent cut back on spending for leisure or other items in their budget to afford health care.
Half of the survey respondents said that an unexpected $1,000 medical bill would catapult them into debt. Roughly 60% said that if they received an unexpected $1,000 payment, they would put it towards covering their medical costs rather than saving for retirement or spending it on leisure.
The survey highlights how high medical costs impact the lives of New Yorkers and people across the U.S. Exorbitant spending on medical bills can often turn into debt – which impacts 750,000 people across New York state, according to research from the think tank the Urban Institute.
The prevalence of medical debt in New York City is lower compared to other regions statewide. But it’s still a source of financial stress – so much so that Mayor Eric Adams committed $18 million earlier this year to wipe $2 billion in medical debt from thousands of city residents.
New York state has attempted to ease medical costs by expanding low-cost insurance options. Gov. Kathy Hochul recently expanded the Essential Plan, the state’s low-cost public health insurance option for people who do not qualify for Medicaid, for New Yorkers with incomes up to 250% of the poverty threshold.
MetroPlusHealth commissioned the Midtown-based research firm Big Village to conduct the health affordability survey among more than 1,000 people living in New York City and the surrounding counties. The insurer provides health insurance to 750,000 New Yorkers.
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Amanda D'Ambrosio , 2024-04-19 11:33:05
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