ProcurementAlert.com » ‘Finance flu’ sickens one in five adults

‘Finance flu’ sickens one in five adults

January 12, 2009 by Charlie Walker
Posted in: In this week's e-Newsletter, Latest News & Views

You’ve probably heard plenty of people say the economy is making them sick.

Turns out that they’re not necessarily exaggerating. Maybe you could even call it the “finance flu.”

A recent survey revealed that one in five adults over 45 attributed health problems to the current state of the economy. Meanwhile, 22% admit that cost concerns have prevented them from seeing a doctor.

“It’s a harsh irony that worrying about being able to afford health care is actually causing health problems,” said one senior AARP manager.

One collision of factors is creating most of the problems:

The cost of healthcare insurance premiums has climbed 65% over the past five years. These costs are outpacing wage increases by leaps and bounds, which makes more and more people insecure about their ability to pay medical bills.

Two other telling stats:

  • 16% of the people who responded to the survey have dipped into their retirement savings or other savings to pay medical bills, and
  • 21% of the people have made cutbacks in other areas in order to pay for medical care.
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