Despite a high standard of medical care to those with insurance, America’s citizens are finding themselves struggling to afford the payments and bills associated with COVID-19 treatment.
The internet is awash with accounts of families and adults who have been challenged by the need to pay. In one instance, co-payments, often labelled as ‘patient responsibility’, have resulted in as much as $10,000 of debt. As is the case with the healthcare system in America, these high figures often reflect the need to transport patients to hospitals in an ambulance, increasing the final amount due.
Savings under threat
It’s clear to all adults at present that savings are already being challenged by disruption to employment and income caused by COVID. With many adults finding themselves furloughed or outright dismissed from their jobs, COVID medical costs are arriving at a decidedly difficult time.
With studies reporting approximately 56% of Americans to have less than five thousand dollars in savings already, the prospect of thousands of dollars in medical bills is an immediate threat to financial stability.
According to estimates for 2018, medical expenses for the year for American citizens tallied up to over 3.6trn dollars. Now, with a spike in medical costs not only for COVID-related illness but the many physical and mental health issues arising in relation to it, this figure is expected to increase.
As the country adjusts to life under restricted social movement, many adults and families are finding themselves struggling with substance abuse and mental health challenges, such as depression. These kinds of illnesses are often left unreported but still contribute to a challenge to savings through increased general spending and an inability to manage employment and other essential tasks.
Lack of coverage
There is also a significant danger posed to the healthcare system of the country and its citizens through the portion of Americans who do not have any form of healthcare coverage. Most recent figures place the number of Americans without healthcare insurance at almost 28 million; a significant number, and one that belongs to a demographic who already tend to be challenged by daily living expenses, such as rent and other bills.
With government figures estimating that over 20 million citizens have lost their jobs between February and May alone, it is further projected that five million of those have no adequate healthcare insurance to protect them from issues relating to COVID-19.
A further compounding issue is the fact that, despite government packages such as the Coronavirus Aid, Relief and Economic Security Act, many adults are finding themselves financially liable for testing. Due to difficulties and loopholes in legislation governing COVID-19 testing at a state and federal level, those with mild symptoms are often denied testing – but are billed for the visit and request.
With reports of testing costs ranging from twenty dollars to as much as eight hundred and fifty, this is proving to be a further financial challenge on an already struggling populace – and an extreme issue for the most financially threatened across the country.
In answer to this issue, adults across the country are seeking whatever means they can to endure the challenges associated with COVID-19. Many are seeking private alternatives, such as the obtaining of loans and financial assistance from trusted private lenders and brokers.
As the government response varies from state to state across America, it is hoped that these vulnerable adults and families are able to find a solution to their financial difficulties that can protect them and keep them healthy, happy and able to work or seek work.
This article brought to you by the team at Everyday Loans. Everyday Loans is a trading style of Everyday Lending Limited (Company registration no. 5850869, England & Wales).