Payment Plans Are Becoming Increasingly Important For Financial Wellness As Healthcare Costs Rise


Aside from that idea, which is, of course, unattainable, flexible financing at the point of service alleviates the agony of out-of-pocket healthcare bills.

Data released this week illustrate how difficult it is to maintain financial well-being while still striving to stay healthy, as insurance costs continue to eat away at earnings.

According to the most recent KFF employer survey, yearly premiums for employer-sponsored family health coverage reached $22,463 this year. Employees paid a little over $6,100 for the coverage, which includes the deductible.

The uncertainty over how much people and families must spend above the deductible, termed “sticker shock,” has a negative influence on the whole healthcare system.

A more realistic cost estimate and greater communication between physicians and patients might help to alleviate some of the sticker shocks. This week, Experian Health President Tom Cox told that we are “in the early innings” of a proactive strategy in which practitioners give pre-care cost estimates, which may then assist open up discussions about prices and how to pay for it all.

Healthcare becomes part of bill triaging in the paycheck-to-paycheck existence that the majority of Americans — 63% of us at the latest count — face. According to a recent Experian Health study, 46% of sick individuals canceled appointments owing to excessive expense projections. A shocking 60% of customers living paycheck to paycheck have had their invoices canceled owing to a high-cost estimate. The average amount paid out for “surprise” invoices exceeds $675.

As seen in the table below, a large number of customers, regardless of income level, have spent more on healthcare than they can afford.