As a form of financial security, health insurance provides protection against unexpected large medical bills. This Fast Fact reviews some of the results from the EBRI/Greenwald Research 2023 Consumer Engagement in Health Care Survey, which recently found that most individuals with private health insurance feel financially secure to various degrees.
Figure 2 Changes in Out-of-Pocket Costs More information about the EBRI/Greenwald Research Consumer Engagement in Health Care Survey can be Overall, in the last year, have these amounts (premium, deductible, cost of care/Rx) increased, fo und online. decreased, or stayed the same? 70% The 2023 Consumer Engagement in Health Care Survey is an online survey of 2,020 Americans ages 21 –64 March 28, 2024, #497 61% with private health insurance coverage. It was fielded between October and December 2023. The survey is 60% 57% 56% made possible with funding support from the following organizations: Blue Cross Blue Shield Association, HealthEquity, Millennium Trust Company, Segal, TIAA, and Voya Financial. 50% Financial Wellbeing and Implications About EBRI: The Employee Benefit Research Institute is a private, nonpartisan, and nonprofit research institute 41% 40% based in Washington, D.C., that of Ri focuses on sing Healt health, savings, retiremen h Care C t, and econ osts omic se curity issues. EBRI does 40% not lobby and does not take policy positions. The work of EBRI is made possible by funding from its members 34% and sponsors, which include a broad range of public and private organizations. For more information, visit Health insurance is a form of financial security in that it provides protection against unexpected large medical 30% www.ebri.org. bills. The Employee Benefit Research Institute (EBRI) and Greenwald Research Consumer Engagement in Health Care Survey recently found that most individuals with private health insurance feel financially secure to various Greenwald Research is a leading independent custom research firm and consulting partner to the health and degrees 20%. Overall, the survey found that 16 percent of individuals with private health insurance felt very secure and wealth industries that applies creative quantitative and qualitative methods to help companies stay competitive 52 percent felt somewhat secure. About one-quarter felt not too secure, while another 7 percent felt not at all and navigate industry change. Leveraging deep subject matter expertise and a consultative approach, Greenwald secure. 10% offers comprehensive services to answer strategic business questions. For more information, go to 5% 4% www.greenwaldresearch.com. 2% Financial security varied little by plan type. Individuals in high-deductible health plans (HDHPs) were a little 0% more likely than those with traditional health coverage to report feeling very secure (19 percent vs. 16 percent) Decreased Stayed the Same Increased and a little less likely to report feeling not too secure (22 percent vs. 26 percent). Source: 2023 EBRI/Greenwald Research Consumer Engagement in Health Care Survey. Figure 1 Among those experiencing an increase in cost, the response varied. Two-thirds reduced their discretionary ### Overall Financial Security, by Type of Health Plan spending, while one-half reduced contributions to non-retirement savings. About four in ten increased credit card debt, put off or skipped health care, or h Oad d verall, h ifficu ow lty fina pay nciain lly g oth secure er do bi ylls. ou f eel? Very Secure Somewhat Secure Not Too Secure Not At All Secure Figure 3 Impact of Increased Health Care Spending on Finances Has increased spending on health care expenses in the past year caused you to do any of the following? National 16% 52% 24% 7% Percentage Yes, among those whose out-of-pocket expenses went up Reduce Your Discretionary Spending 65% Decrease Your Contributions to Other Savings 49% Increase Your Credit Card Debt 44% Put Off or Skipped Doctor Visits/Medical Procedures 39% Traditional 16% 52% 26% 6% Have Difficulty Paying Other Bills 38% Delay(ed) Going to the Doctor 38% Use Up All or Most of Your Savings 34% Decrease Your Contributions to a Retirement Plan, Such as a 401(k) Plan or IRA 30% Take Less Time Off of Work/Use Less Paid Time Off 30% Delay Retirement/Work Longer Than Planned 28% High- Deductible Have Difficulty Paying for Basic Necessities Like Food, Heat, and Housing 19% 52% 28% 22% 7% Health Plan Delay or Reduce the Amount You Save for a Child's Education 24% Decrease Your Contributions to Your Health Savings Account 18% Delay or Reduce the Amount You Pay Toward Student Loan Debts 18% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Increase Your Contributions to Your Health Savings Account 17% Source: 2023 EBRI/Greenwald Research Consumer Engagement in Health Care Survey. Take a Loan or Withdrawal From a Retirement Plan, Such as a 401(k) Plan or IRA 17% Drop or Reduce Coverage for Other Insurance Benefits 16% Overall, a little more than one-half of plan enrollees reported that their premiums, deductibles, and other cost Purchase Additional Insurance to Help With Expenses 10% sharing were unchanged in 2023. Four percent reported that these costs fell, while 40 percent reported that they 0% 10% 20% 30% 40% 50% 60% 70% rose. HDHP enrollees were more likely than traditional plan enrollees to report that these costs increased. Source: 2023 EBRI/Greenwald Research Consumer Engagement in Health Care Survey. 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 © 2024, Employee Benefit Research Institute, 901 D St. SW, Suite 802, Washington, DC 20024, 202/659-0670 | ebri.org 2 3