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Daily Briefing

How rising medical costs are affecting Americans, in 3 charts


Over a quarter of American adults skipped medical care because of cost in 2022, according to a new report from the Federal Reserve, with dental care being the most commonly skipped form of medical treatment.

How rising medical costs are affecting Americans

For the report, the Federal Reserve and Ipsos surveyed 11,667 American adults between Oct. 21, 2022, and Nov. 1, 2022.

The report found that 28% of respondents skipped medical treatment in 2022 because of cost, an increase from 24% in 2021 and the highest mark the survey has seen since 2014 when 31% reported skipping medical care because of cost.

Of the 28% who reported skipping medical care because of cost in 2022, the most commonly skipped form of medical treatment was dental care, followed by seeing a doctor or specialist.

The survey also found that families with lower incomes reported being less healthy than those with higher incomes. According to the survey, 75% of families with an income of less than $25,000 reported being in good health compared to 91% of families with an income of $100,000 or more.

According to Axios, these results were likely due to overall rising costs and worsening financial situations. The survey found that 35% of Americans said their financial situation was worse in 2022 than it was in 2021, the largest share on record since the Federal Reserve began asking that question over a decade ago.

Across all income levels in 2022, inflation was cited as the top financial challenge, which suggests "a widespread effect of higher prices across the population," the report said.

Survey respondents said food prices had increased the most in the past year, followed by gasoline and other motor fuels. Half of respondents said that prices for medical care, medication, or health insurance had increased "a lot" or "somewhat" over the past year.

The report found that the least-educated respondents were more likely to say they were economically worse off, with 40% reporting as much compared to 33% in 2022 and 18% in 2019. However, around 31% of higher-educated respondents also reported being economically worse off, a significant increase from 13% in 2021.

Overall, the share of Americans rating the national economy as "good" or "excellent" dropped to 18% in 2022, marking the lowest share since the survey began asking the question in 2017. Overall, the share has "fallen a substantial 32 percentage points since before the pandemic in 2019," the report said. (Peck, Axios, 5/23; Brown, Axios, 5/22)

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