Paying for health care has become Americans’ top financial worry after Congress failed last year to extend some Affordable Care Act subsidies, triggering premium spikes for millions, a new survey finds.
Two-thirds of Americans say they are very or somewhat worried about affording health care, outranking concerns about paying for groceries, utilities or housing costs, according to the poll from the health policy research firm KFF. Among those, one-third described themselves as very worried about paying for medical expenses.
Health care costs include paying for health insurance, covering out-of-pocket expenses and prescription drug costs.
Health care is driving Americans’ financial worries because these costs are rising faster than other categories of expenses for a substantial share of the population, the study found. More than half of U.S. adults say their health care costs increased in the past year, according to the KFF poll.
“KFF has long found that health care costs are a top concern for people when it comes to household expenses and economic necessities,” Shannon Schumacher, senior survey analyst at KFF, told CBS News. “We’re now seeing it rise to the top. It’s really become top of mind amid rising costs all around and people trying to figure out how to pay for things.”
Affordability is a leading concern for voters, with 76% of Americans polled by CBS News this month saying their incomes aren’t keeping up with inflation. The Trump administration is touting an agenda that it says will bring down costs by proposing a cap on credit card interest rates and tackling housing costs, among other issues.
KFF surveyed more than 1,400 U.S. adults between Jan. 13 and Jan. 20.
A host of other financial concerns
While no other issue ranked as high as health care, Americans expressed worries about paying for many other basics, the KFF poll found.
Food costs: 24% of adults said they are “very worried” about paying for food and groceriesHousing costs: 23% of Americans are anxious about affording rent or their mortgageUtilities: 22% of adults say utility costs have them very worriedGas and transportation costs: 17% expressed concern about these costs
A majority of those surveyed also said they disapproved of Congress allowing the ACA’s enhanced subsidies to expire, with two-thirds saying Congress did the “wrong thing.” About one-third support the expiration of the subsidies.
KFF’s Schumacher added that additional KFF research shows that some Americans plan to forego health insurance altogether because they deem the plans too expensive without the subsidies. Alternatively, some consumers are switching to cheaper plans that offer less coverage or seeking out employment that offers health insurance.
