Lifetime of Healthcare Costs Research: Costs and Patient Perceptions

A Synchrony study confirmed that patients often don’t know the cost of healthcare until they receive the bill and learn it’s much more than expected.¹ Worse, rising healthcare costs can keep many people from getting the care they want or need.

The Lifetime of Healthcare Costs Research, conducted by ASQ360° on behalf of CareCredit, set out to better understand adults’ estimated healthcare costs in the United States over their lifetimes. The survey asked nearly 3,200 people about their out-of-pocket healthcare expenses and how they manage them. Respondents ranged in age from 18 to 79 and spanned the Gen Z, Millennial, Gen X, Baby Boomers and Silent Generation.¹

The study found that most surveyed patients do not have a good understanding of their healthcare expenses, which often results in financial barriers to their receiving the timely healthcare services they need. According to the study's findings:¹

• Healthcare costs are nearly 1.5 times higher than what most respondents estimate.

• As many as 4 out of 5 Americans do not have savings to cover medical emergencies.

• More than 1 in 4 Americans have delayed recommended medical procedures because of cost.

Helpful Insights for Healthcare Providers

Knowing the gap between Americans’ perceptions and the reality of healthcare costs can help providers better understand how to support patients in their healthcare journey.

In this report, you will learn:

• Average annual healthcare costs for insured Americans, broken down by type of care received
• How actual healthcare costs compare to patients' expectations
• Patients' level of preparedness (or lack thereof) for out-of-pocket healthcare expenses
• How the reality of healthcare costs is impacting patients' pursuit of care, with insights broken out by age group
• Patient preferences regarding payment solutions

Learn more: Download the study for insights that can help you better understand and prepare for your patients' financial needs.