Financial struggles lead workers to skip medical care due to cost concerns
A new study reveals that nearly one-third of employees have put off or skipped a doctor's visit in the past year due to financial reasons, affecting their health and job performance.
Financial struggles are taking a heavy toll on American workers, prompting many to make difficult choices between paying bills and seeking medical care. A new study reveals that nearly one-third of employees across all age groups have put off or skipped a doctor's visit in the past year due to concerns over cost.
The financial pressures are not only affecting workers' health but also their attitudes towards retirement planning and job performance, according to the survey. Despite having health insurance, many respondents expressed frustration with high deductibles and out-of-pocket costs associated with medical care.
Employees are feeling the weight of these expenses, with one expert citing the "huge" cost of healthcare as a major factor in their decision-making process. Courtney Stubblefield, a leader in health and benefits practice at WTW, noted that workers are facing significant financial burdens when it comes to accessing medical care.
Employees in their 40s reported feeling financially insecure at a higher rate than any other age group, according to a recent survey. This demographic was found to be the least financially secure among those polled, with just 30% expressing confidence in their financial situation.
More than 40% of workers in this age bracket admitted to delaying or skipping medical care due to financial concerns, the highest proportion across all age groups. As Courtney Stubblefield noted, individuals in this stage of life often face significant expenses related to family and healthcare costs, including supporting children's education and caring for elderly parents.
More than six in ten retirees with substantial financial resources are hesitant to spend money on leisure activities due to concerns about depleting their savings.
Households led by individuals aged 75 or older have a significantly higher median net worth compared to other age groups, according to Federal Reserve data, which also found that the wealth of households headed by 65- to 74-year-olds increased by 37% between 2022 and 2025.
Facts based on reporting originally published by CBS MoneyWatch.
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