Americans are more worried about healthcare costs than gas or groceries

Bloomberg Mercury

The price of healthcare tops the U.S. public's long list of economic worries ahead of the midterm elections, according to new polling data, as "affordability" has become a buzzword championed by politicians on both sides of the aisle. 

Processing Content

Two-thirds of Americans report worrying about healthcare more than groceries, utilities, gas or housing, according to research published by the health policy research firm KFF. Over half of adults said the cost of their healthcare increased this year, with the majority saying Congress did the "wrong thing" by not extending Affordable Care Act credits that helped pay for insurance coverage.

Read more:  For working mothers, the pandemic's flexibility is fading away

More than four in 10 voters intend to cast their ballots with their health insurance bills top of mind this November, KFF's report showed. The poll was conducted just after the ACA subsidies expired on Jan. 1, which sharply raised premiums. The end of enhanced tax credits will cause an estimated 7.3 million people to lose ACA coverage in 2026, 4.8 million of whom will become uninsured, according to the Urban Institute, a Washington-based think tank. 

The financial strain caused by the tax credits' expiration is compounded by the rising price of insurance, with companies increasing ACA premiums by nearly 22% for 2026, the group said. Premiums for private insurance, like that offered by employers, have also been on the rise, increasing 6% or more for families during the last three years.

Read more:  Travel insurance emerges as new voluntary benefit add-on

Lawmakers are tapping into the public's healthcare woes, with Democrats shutting down the government for 43 days last year in an ultimately failed effort to extend the subsidies. Last week, members of Congress from both parties grilled health insurance executives on rising premium and prescription drug prices, with many of the lawmakers citing market concentration as the reason for high costs.

In response to those costs, President Donald Trump has proposed the government give money to Americans to help them purchase health care directly, rather than subsidizing coverage. Dubbed the "Great Healthcare Plan," it has garnered criticism that it could leave behind many Americans with less to put into a health savings account. 

Public sentiment on the administration's actions differs. While 89% of Democrats and 72% of independents disagree with Congress's move not to extend the ACA tax credits, almost two-thirds of Republicans and those who identify as MAGA supporters champion the move. Additionally, the vast majority of voters say Trump is not focused enough on domestic affairs, like the cost of living.

Read more:  What leaders can learn from Amazon's layoff email incident

According to KFF, Americans' healthcare worries may give Democrats an edge with less than 10 months before the midterms. 

The polling showed that Democrats have a double-digit advantage over Republicans when it comes to who voters trust in determining the future of Medicaid, the government's insurance program for the poor, with similar results for addressing the ACA, the Medicare program for the elderly and the cost of healthcare as a whole. However, when it comes to who to trust with the cost of prescription drugs, a signature of Trump's second term, voters are notably split.

Bloomberg News
Financial wellness Healthcare Healthcare-related legislation
MORE FROM EMPLOYEE BENEFIT NEWS