The reports and the anecdotal stories of bankruptcy are piling up. Some are blaming the Affordable Care Act, some the insurance carriers, some simply the high cost of medical care and of course the employers for cutting back on the level of coverage they provide (when they are not cutting back the amount they allow for premium payments). In a new report titled “The US Healthcare Cost Crisis,” which surveyed more than 3,500 adults, it was estimated that seniors have pulled an estimated $22 billion from their long-term savings for healthcare-related expenses, an average of $3,789. Major findings from the report are:
10% of those 65 and older did not seek needed treatment in the past year due to cost
About 7 million seniors could not afford to pay for prescriptions in the last year
80% of the prescriptions that seniors can’t afford are used to treat serious conditions
92% of seniors believe the cost of healthcare will not improve or will get worse
45% are afraid they will have to file for bankruptcy if faced with a healthcare crisis
