Healthcare is one of the largest expenses for U.S. households, averaging $12,900 per person a year. But with inflation having affected healthcare costs, many working Americans have experienced a growing gap in healthcare affordability, placing their quality of life at risk. By analyzing employee circumstances, however, employers — with the help of their benefit advisers —can offer more targeted benefits catering to employees’ specific affordability needs.
Although inflation has been cooling, it has forced Americans to make difficult trade-offs as they debate how to manage its impact on dwindling disposable income. Regarding healthcare, Americans may have to decide between groceries or medication, fuel or therapy, rent or a doctor’s visit. Even among individuals with health insurance, 32% had healthcare access problems due to cost, which increased to 61% for those considered “functionally underinsured,” according to the Commonwealth Fund. What this means is that they don’t have available funds to cover basic out-of-pocket costs from deductibles, copays and coinsurance.
