COST IS ONE OF THE PRIMARY REASONS AMERICANS DON'T TAKE THEIR MEDICATION

• Sep 23, 2022

For over several decades, the saying "health is wealth" has been the order of the day. Research reveals that people considered their "health" (a complete physical, mental, social as well as spiritual well-being of an individual) as the most valuable and precious; the major reason why visitation to hospitals, clinics, the local pharmacy, and doctors was given more priority during or before an illness or a disease is confirmed. Today, the saying "health is wealth" has been completely transformed to what I called "the cost of health care can make you rich." Instead of considering the state of health and diagnosis, general attention has shifted to the cost one may incur in the process rather than the needful.

According to the compilations of the result generated from a general poll presented at the American Society on Aging 2018, it was established that about 44% of dwellers of the State deliberately avoid visiting doctor when sick or injured due to the exorbitant cost of health care. The presentation further buttresses the fact that about 40% of this population willfully skip important diagnosis and treatment.

Furthermore, an online survey recently conducted also disclosed that about 22% of the Americans completely abstained from medical care which includes medications, vaccination, annual exams, screenings, vision checks and routine blood work because their cost is unreasonably high. As if that wasn't enough, the report also shows that some family members estimated to about 15% also declined medical care because of the same reason.

To crown this report all, Kaiser Family Foundation reports also shows the chronic effect of the excessive cost on people's behavior. It was also established that about 29% of Americans failed to use their medication as specified because of the cost. Consequently, 31% of the respondents professed they cut pills in half or miss an entire dose.

IS HEALTH CARE COST REALLY EXPENSIVE?

According to West Health, the ever-increasing cost of health care is a dilemma. A simple doctor's visit can be challenging, even more, complicated if you're not insured or incurred health care expenses, say past years; or better still you have a high-deductible health insurance plan with no copay’s backup.

Most of those in this category may have to do the unthinkable to cover their health care expenses. For instance, according to Bankrate's survey, 10% of those who had health care expenses in recent years disclose that they have to owe another huge debt to settle their medical bills. While other 20% claimed they have to obtain money from friends and family, even their retirement funds or home equity. Hence, they are saving less and their aggregate debt increases.

In his remark, Mark Hamrick, (a senior economic analyst) finalized that, "Health care costs, including the most substantial stemming from an unexpected accident or illness, can inflict lasting financial damage." Therefore, the current cost of health care can be considered unreasonably high and if proper care is not taken, may grow wide and beyond control.

IS PAYING HEALTH CARE WORTHS THE SHOT?

While being realistic, the answer is no. In Shelley Lyford's (the President of West Health) statements, he openly criticized the fact that the dwellers of the State are paying more than what is expected of on healthcare, while they're getting less than they deserve and the practice has been in existence quite long; therefore, he concluded that a new approach is needed to completely abolish such act. Apart from the above criticism, a general survey conducted recently also complimented the statement, has 75% of Americans concluded that health care in the State doesn't worth the shot; while about 50% do not approve of how Congress handles health care costs.

WHAT MUST BE DONE?

This article focuses on two main approaches to tackle this dangerous situation. First, your part of the deal and second, government intervention. The saying, "make hay when sunshine" should remind us of the usefulness of building up a financial cushion from any visible emergency savings account before any unforeseen circumstances occur, after all, nobody knows tomorrow. This, without no doubt, will keep you a step above any medical bill crises; as well as keep your health in check.

On the hand, Alaina Tedesco affirmed three approaches the government can employ to curtail the ever-rising cost of health care. First, the government must terminate fee-for-service as well as the payment models. Second, legislation that allows Medicare must be encouraged; and lastly, enable price transparency to expose the buyer and seller to all odds in the health care sector.

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