Most Workers Concerned About Rising Out-of-Pocket Medical Costs

Sixty-three percent of Americans who have health insurance at work are worried about out-of-pocket medical costs increasing in the new year, Securian Financial Group learned in a survey. Thirty-two percent of Millennials with health insurance deductibles have had to pay an out-of-pocket expense for an injury over the past year, and 52% either are having trouble paying medical bills or know someone who is.

Forty-four percent of parents with health insurance at work have experienced a child undergoing a significant injury, with the most common—cited by 23%—involving an emergency room visit. Sixteen percent reported that a child had a broken bone, and 11% said their child had a cut that needed stitches.

“Play-related and sports injuries are common in active families with children and can mean an emergency trip to a doctor and unplanned medical costs,” says Elias Vogen, director of group insurance client relationships for Securian. “Among parents who have had a child experience a major injury, 71% paid up to $2,000 in out-of-pocket medical costs as a result of the injury, and one in 10 paid more than $5,000.”

Forty-seven percent of workers are concerned that their employer will cut back on their health insurance benefits in the coming year. This is why it is important, Vogen says, for workers to pay attention to their employer’s offerings during this year’s open-enrollment season—because there could be changes.

Securian’s findings are the result of two surveys conducted by KRC Research among 1,584 worke