Are Americans Ready for Increased Health Care Costs Next Year?
New survey from RxSaver shows many are planning ahead for future costs, such as prescription medications, while prioritizing their overall health more so than in prior years.
- Following the instability of 2020, 41% of Americans now place greater emphasis on maintaining their health.
- A majority of Americans (88%) anticipate spending the same, if not more, on health care coverage in 2021.
- Millennials (23%) and Gen Xers (22%) are significantly more likely than Boomers+ (12%) to have experienced changes to their prescription medication coverage in the last 12 months.
- More than one in 10 (13%) of Americans say they have had to pay more for medications than they have in the past since COVID-19 began impacting the US.
AUSTIN, Texas, Dec. 10, 2020 /PRNewswire/ -- As the pandemic continues into a new year, Americans are making their health more of a priority compared to years prior. New survey results from RxSaver, conducted in partnership with Kelton Research, finds that even though most Americans (76%) have experienced some type of life change since the pandemic started, they are now planning for additional changes - including preparing to spend more on some health care related costs next year. Nearly three in five (58%) say they would be financially prepared to afford the cost of their health care if it were to increase in January 2021.
This increased concern around their health may be why nearly one in five (18%) have done more research on health care or prescription medication costs - one of the biggest fluctuating costs for most consumers - now more than ever. Over four in five (82%) admit they plan to spend at least as much (70%) or more (12%) on medication next year as they did in 2020, however, Americans are getting savvier when it comes to how they plan to pay for an increase in prices. Nearly nine in 10 (87%) can find savings through deals and discounts on medications.
Coupons for necessary prescriptions will be especially important for Millennials (23%) and Gen Xers (22%) since they are significantly more likely than Boomers+ (12%) to have experienced changes to their prescription medication coverage in the last 12 months. Those living in the West (18%) are nearly twice as likely as those living in the Northeast (10%) to plan for spending more on prescription medication in 2021. Men were also nearly twice as likely as women (23% vs. 14%) to report changes to their prescription medication coverage in the past year.
"As more Americans plan for rising prescription costs in 2021, RxSaver remains focused on our mission of making health care affordable," said Kim Read, Senior Vice President and General Manager of RxSaver. "We know that access to savings tools like ours is critical as consumers continue to navigate unprecedented challenges in the coming year."
RxSaver is utilizing this survey data to better serve Americans as they manage both personal health and financial changes. The prescription savings platform offers free Rx coupons on 6,000+ medications through its free app and website in addition to providing health care information and resources to consumers.
About RxSaver:
RxSaver improves health through the power of savings. While not insurance, RxSaver has been helping to make medications more affordable since 2009 as a trusted savings destination. Every year millions of Americans rely on RxSaver to relieve the burden of high drug costs. RxSaver prescription coupons help people save up to 85% and are accepted at all major pharmacies.
SOURCE RxSaver
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