Special Report on Chronic Care Costs Sheds Light on the Financial Burden of Managing a Chronic Condition

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May 03, 2023, 08:00 ET

A new special report on chronic care in 2023, conducted by HealthCentral.com, found that Americans with a chronic condition pay approximately five times more in medical expenses vs. non-chronic patients.

Included in the report was a national survey of people with chronic conditions, 44% of whom have reported going into debt due to medical expenses with 1 in 10 people spending over $10,000 per year on costs related to their chronic conditions.

NEW YORK, May 3, 2023 /PRNewswire/ -- HealthCentral, the leading digital health destination serving patients and caregivers managing chronic conditions, released its new special report on the financial burden faced by people with chronic conditions.

Included in the report is an analysis of healthcare spend data from the Centers for Medicare and Medicaid Services (CMS) and healthcare advocacy groups along with a national survey of people living with chronic conditions, conducted by HealthCentral. The healthcare cost analysis and survey findings, along with additional context from researchers and patients living with chronic diseases, as well as expert commentary, are detailed in five separate in-depth features on HealthCentral.com that illustrate the impact of chronic illness on individual lives and the nation overall.

The Cost of Being Chronic in 2023: A Special Report
https://www.healthcentral.com/chronic-health/the-cost-of-being-chronic-in-2023-a-special-report

The Cost for Survival

Care for people living with chronic health conditions comprised 90% of the country's more than $4 trillion spending in annual health care costs.
Healthcare spending – which includes health care goods and services, public health activities, government administration, the net cost of health insurance, and health care investments – grew 2.7% in 2021 from 2022, reaching $4.3 trillion.

The Introduction of Biologics has Come with a Cost

Biologics can take up to 18 months to manufacture, are complicated to produce and are more expensive than traditional chemical compounds.
Newly diagnosed Crohn's disease and ulcerative colitis patients spent a mean of $26,555 in their first year after diagnosis and, beyond the first year, they are saddled with more than twice the annual out-of-pocket costs ($2,213 vs. $979) than those without those conditions.
Medical prices have soared in the last decade – making the medical care of people living with chronic conditions more expensive but also more effective in achieving clinical remission.

HealthCentral.com Survey Results: 7 Things You Told Us About the Cost of Your Chronic Care
https://www.healthcentral.com/chronic-health/things-you-told-us-about-the-cost-of-your-chronic-care

Cost of Care Can Rival Your Yearly Salary

In a survey of over 200 respondents living with chronic illness, one in four people spent over $5,000 out of pocket to manage their chronic condition last year, while one in 10 spent over $10,00.
40% of survey respondents estimated their healthcare costs without insurance would exceed $40,000 annually.

Debt Looms Large with Chronic Conditions

On average, 19% of American adults have health care bills that they can't pay due to emergency care visits or unexpected medical needs, while 44% of people living with chronic conditions, have gone into debt for their medical care.
The fallout is more than just financial: 46% of people with medical debt stop proactively seeking out care for their conditions.
Those with medical debt are three times as likely to develop depression, anxiety, and stress related medical health issues.

A Home Down Payment or the Cost of Chronic Care?

One in five people living with a chronic condition have spent between $50,000-$100,000 on their healthcare since being diagnosed.
The most pressing financial fears among HealthCentral survey respondents include not being able to afford needed medication (32%), having to choose between treatment and basic living expenses (30%) and having to give up access to doctors who can help due to affordability (28%).

Also included in HealthCentral's original series on the Cost of Being Chronic in 2023:

About HealthCentral

HealthCentral is the leading digital health destination serving patients living with chronic and serious illness, their care partners and the health professionals who care for them. Remedy Health Media owns and operates award-winning sites including HealthCentral, Patient Power, OBR Oncology, TheBody and TheBodyPro.

CONTACT:
Name Tom Roseberry
Remedy Health Media
Email [email protected]
Phone 678-296-8453

SOURCE HealthCentral