Health Care Costs as a Strain on Household Finances
For many Mid-Hudson Valley residents who struggle to make ends meet, the cost of health care and health insurance constitute a considerable burden. 35% of Mid-Hudson Valley residents say medical expenses, independent of health insurance, place a financial strain on their household budget each month. This includes 15% of residents in the region that experience a great deal of financial pressure from these expenses and another 20% that report a good amount of financial stress.
These results are consistent throughout the Mid-Hudson region.
As has been discussed, household income is a major factor. 46% of residents with a household income of less than $15,000 a year are financially strained by medical expenses including 28% who report it is a major stress on their budget. Residents with higher incomes are considerably less likely to share this circumstance. 22% of residents with a household income of $100,000 or more feel the financial pressure from medical expenses including 8% who are financially over extended by these costs.
It is not unexpected that health care costs place an added financial strain on household budgets already hard pressed. These Mid-Hudson Valley residents who have difficulty with health care costs also grapple paying for food, housing, or utility bills.
Residents who have received public assistance in the past year, the working poor, and households with at least one adult looking for work are more burdened by health care costs than Mid-Hudson Valley residents as a whole.
In addition, medical expenses put a strain on residents who are most affected by health care costs, that is the uninsured, and those with a chronic health condition. 54% of uninsured households, 47% of households without continuous coverage, and 51% of residents with a disability report the cost of health care puts a strain on their monthly budgets.
Health care costs are particularly burdensome for Latinos. Latino residents are considerably more likely than white residents and African American residents to report that health care costs create a great deal of strain on their household finances.
