Americans struggling with rising healthcare costs say these increases cut into personal savings and affect household finances, according to the 2006 Health Confidence Survey released by the Employee Benefit Research Institute. Thirty-six percent say increased healthcare costs result in a decrease in savings for retirement, up from 25% in 2004, while 28% reported difficulty in paying for even basic necessities, up from 18%.
When asked specifically about employment-based coverage, most Americans value those health benefits more than an increase in salary. Workers said they would need at least $11,000 in additional taxable income to willingly give up employer-sponsored health care. Although 59% of respondents rated the healthcare system as fair or poor, consumers still use quality rather than cost as their primary consideration when making decisions about care, according to the survey. They give more weight to quality when choosing a provider for open heart surgery (89%) and cancer treatments (87%), while others consider quality over cost when seeking lesser treatments like immunizations or an annual physical (72% each). Read the survey report.
