Health Insurance as a Strain on Household Finances
Paying for health insurance creates financial hardship for 41% of Mid-Hudson Valley residents. This includes 18% of residents in the region who report these costs place a great deal of stress on their household budget and 23% who experience a good amount of financial strain.
There is little difference in these results across the seven counties in the Mid-Hudson region.
Household income is a major factor. Residents with a lower annual household income are generally more burdened by the cost of health insurance than residents with higher income. A majority of residents earning less than $15,000 a year and those earning at least $15,000 but less than $30,000 report that paying for health insurance puts a financial strain on their household budget.
It is understandable that households already having difficulty making ends meet are more likely to experience the stress of paying for health insurance. The working poor, low income parents, residents who have received public assistance in the past year, and households looking for work are more likely to feel the financial pressure from these costs.
Again, health insurance costs further compound the financial circumstances for residents already experiencing difficulty paying for food, housing, utility bills, or medical treatment.
Residents who live in a household in which at least one person is either currently without insurance or has experienced gaps in coverage over the past year are generally more likely to identify the cost of health insurance as a major stress on their monthly budget.
Hudson Valley residents with a disability are also more likely than Mid-Hudson Valley residents overall to report the cost of health insurance puts a great deal of strain on their household finances.
