Figure 2 One-Third Report Increases in Premiums and/or Cost Sharing More information about the EBRI/Greenwald Research Consumer Engagement in Health Care Survey can be fo und online. Overall, in the last year, have these amounts (premium, deductible, cost of care/Rx) increased, decreased, or stayed the same? 70% 65% The 2022 Consumer Engagement in Health Care Survey was an online survey of 2,015 Americans ages 21 – February 23, 2023, #454 60% 64 with private health insurance coverage. It was fielded in October and November of 2022. The survey is made possible with funding support from the following organizations: Blue Cross Blue Shield Association, Hea 50% lthEquity, Millennium Trust Company, Segal, TIAA, UMB Financial, and Voya Financial. Financial Wellbeing and Implications The Emplo 40% yee Benefit Research Institute is a private, nonpartisan, and nonprofit research institute based in Washington, D.C., that focuses on of Ri health, sing Healt savings, retiremeh Care C nt, and economic sec osts urity issues. EBRI does not lobby 32% and does not take policy positions. The work of EBRI is made possible by funding from its members and 30% sponsors, which include a broad range of public and private organizations. For more information, visit According to findings of the Employee Benefit Research Institute (EBRI)/Greenwald Research Consumer www.ebri.org. Engagement in Health Care Survey, most adults with private health insurance feel financially secure to a degree. 20% Nearly 3 in 10 reported that they were very financially secure, while another 48 percent reported that they were Greenwald Research is a leading independent custom research firm and consulting partner to the health and somewhat financially secure. However, the top sources of stress were financially related and included inflation, 10% wealth industries that applies creative quantitative and qualitative methods to help companies stay competitive followed by longer-term finances and paying for everyday expenses (Figure 1). 4% and navigate industry change. Leveraging deep subject matter expertise and a consultative approach, Greenwald 0% offers comprehensive services to answer strategic business questions. For more information, go to Increased Decreased Stayed the Same Figure 1 www.greenwaldresearch.com. Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2022. Sources of Stress ### In the last year, how much stress have you experienced from each of these areas? Financial wellbeing and the cost of health care are intrinsically linked. The implications of rising health care costs A Lot of Stress Some Stress A Little Stress None on financial wellbeing are clear. Among those reporting that health insurance premiums or cost sharing have Inflation 27% 31% 27% 14% increased, one-half (51 percent) reported that they have reduced their discretional spending as a result (Figure 3). About 4 in 10 reported that they have decreased their non-retirement savings, while about one-third reported that Longer-Term Finances 20% 24% 28% 28% they increased credit card debt, decreased contributions to retirement, have difficulty paying non-basic bills, used Paying for Everday Expenses 18% 25% 27% 30% up all or most of their savings, or take less time off from work. Still others report delaying retirement, having difficulty paying for basic needs, delaying or reducing saving for education of children, and that they have taken Politics 15% 27% 31% 27% other financial steps. Work 14% 28% 31% 27% Balancing Work/Home Life 13% 26% 28% 32% About one-third have also delayed going to the doctor or have skipped medical procedures. Priorities Coronavirus Pandemic 12% 26% 35% 28% Figure 3 Physical Health or Medical Needs 10% 24% 32% 34% Shifts in Resources Resulting From Cost Increases, Among Those Needing to Provide Care for Experiencing Increase in Costs 12% 21% 27% 40% Others Has increased spending on health care expenses in the past year caused you to do any of the Caregiving Responsibilities 10% 20% 24% 46% following? Percent yes, Among those whose out-of-pocket expens Paying for Medical Care 12% 18% 30% 41% Reduce Your Discretionary Spending 51% Mental/Behavioral Health Needs 10% 19% 24% 47% Decrease Contributions to Other (Non-Retirement) Savings 41% Paying for Mental/Behavioral Increase Credit Card Debt 36% 7% 17% 19% 57% Health Care Decrease Contributions to Retirement 34% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Have Difficulty Paying Other (Non-Basic) Bills 34% Use up All or Most of Your Savings 32% Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2022. Take Less Time off Work/Use Less PTO 31% Delay Retirement or Work Longer Than Planned 29% Have Difficulty Paying for Basic Needs 28% Interestingly, paying for health care was near the bottom of factors that impacted stress. This is despite the Delay or Reduce Savings for Child(ren)'s Education 25% number of people reporting that some aspect of their health care costs was increasing. Approximately one-third Drop or Reduce Coverage for Other Insurance Benefits 24% (32 percent) of respondents reported that premiums, deductibles, the cost of care, or prescriptions have increased Take Loan or Withdrawal From Retirement Plan 23% in the last year (Figure 2). In contrast, two-thirds (65 percent) reported that health care costs have remained the Delay or Reduce Amount Paid to Student Loan Debts 23% same, while only 4 percent rep Purchase Additionor al Itned sur ath ncat e toth He ey f lp Well. ith E xpenses 19% 0% 10% 20% 30% 40% 50% 60% Source: EBRI/Greenwald Research Consumer Engagement in Health Care Survey, 2022. EBRI on Twitter @EBRI or twitter.com/EBRI LinkedIn: linkedin.com/company/employee-benefit-research-institute E EBRI BRI o on n T Tw wi it tt ter: er: @ @E EBRI BRI o or r t tw wi it tt ter.c er.co om m/ /E EBRI BRI L Li in nk ke ed dI In n: : l li in nk ke ed di in n.c .co om/ m/co comp mpa an ny y/ /emp empl lo oy ye ee e- -b ben ene efi fit t- -re res search earch- -i in ns st ti it tu ut te e © 2023, Employee Benefit Research Institute, 901 D St. SW, Suite 802, Washington, DC 20024, 202/659-0670 | ebri.org 2 3