Americans Reveal The One Expense They're Worried About The Most

Why Healthcare Is An American's Biggest Expense Fear

With inflation pushing the cost of living to record highs, the middle class continues to struggle to keep pace with rising expenses, with housing and medical bills remaining top concerns. Recent reports show that healthcare costs have now become the biggest financial worry. The strain has intensified, particularly after Congress failed last year to extend certain Affordable Care Act subsidies, leading to sharp premium increases. As per a survey conducted on Jan. 13 and Jan. 20, millions of Americans are grappling with the ever-increasing healthcare costs. 

Financial Breaking Point

While other inflationary expenses are still a concern, the growing medical costs have long been an integral financial burden for people across all income levels, and with the current surge in healthcare costs, the average American is struggling to keep up. According to a recent survey cited by CBS News, two-thirds of Americans are deeply concerned about their ability to afford health care, which now outweighs worries over paying for groceries, utilities, or housing. As per the KFF poll, one-third of respondents said they are very worried about covering medical expenses.

Poll Sounds Alarm

“KFF has long found that healthcare costs are a top concern for people when it comes to household expenses and economic necessities,” said Shannon Schumacher, senior survey analyst at KFF. In a conversation with CBS, he continued, "We’re now seeing it rise to the top. It’s really become top of mind amid rising costs all around and people trying to figure out how to pay for things.”

A Costly Reality 

These healthcare expenses include medical bills, insurance premiums, prescription drugs, and out-of-pocket costs. In the current scenario, Americans are under increasing pressure, largely because medical costs are rising faster than other expense categories for a significant portion of the population. The survey further revealed that healthcare costs have increased for more than half of U.S. adults over the past year. Alongside medical expenses, other utility prices, such as those of food, housing, and gas, have also been hiked.

Survey Insight

As per the poll, affordability is the leading concern among Americans, with 76% of 1,400 U.S. adult voters claiming that their income is no longer sufficient to sustain inflation. While the current ruling government keeps promising that it will soon bring down the costs, they have yet to act on its words. The Trump administration aims to propose a cap on credit card interest rates and also reduce housing expenses, among other concerns. 

Nationwide Concern

The voters also voiced their concern over other growing expenses, such as food, where 24% accepted being “very worried” about paying for food and groceries. Housing and utility bills follow with 23% and 22% votes. Americans are in extreme distress over having to pay high rent and mortgages, while 17% of adults are also dismayed over gas and transportation costs. In the KFF research, Americans reveal that they are thinking about skipping health insurance altogether because the plans have become too expensive without the subsidies. However, others are switching to cheaper alternatives.