52% Don’t Have Enough Money Saved To Cover Medical Costs If They Contract COVID-19

Not enough savings and afraid of the cost of contracting COVID-19.

A healthinsurance.com survey finds 52% don’t have enough money saved to cover COVID-19 medical costs. Unveiling the financial status of many Americans’, 46% would think twice about seeking medical care right now because of cost. Price transparency is also a major concern: 90% think coronavirus medical care prices should be available like prices on a restaurant menu.

But it’s not just medical bills Americans are worried about. 23% of respondents said they won’t be able to pay bills like utilities or mortgage payments this month – a bleak response that aligns with the 24% that reported losing their job due to the coronavirus pandemic.

When asked about health insurance coverage, 9% of respondents reported losing their health insurance during this pandemic. While more are bracing for the potential impact of unemployment, 56% said they don’t know what their health insurance options are should they lose their coverage.

Healthinsurance.com also asked respondents about medical care while social distancing:

• 47% say they intend on using telemedicine during this health crisis.
• Nearly one-third said they received correspondence from their doctor or health insurance company about telemedicine services.
• Still, 85% were not aware you can just purchase a telemedicine plan.

One thing mostly everyone can agree on: Our frontline healthcare professionals are heroes. In fact, 87% of respondents thought healthcare workers on the frontlines deserve a “bonus” from the federal government.

View the full survey results here.

METHODOLOGY:
The above results were gathered through an online poll of more than 1,000 Americans between the ages of 18-64. The poll was conducted from April 3, 2020 to April 7, 2020, gleaning representative samples from each state based on population.