Women feel the financial burden that medical costs bring, and for women who do not have a financial safety net to fall back on, this burden can have serious consequences on their health.
The upcoming “2024 Women’s Health Index” report, produced jointly by PYMNTS Intelligence and CareCredit, a Synchrony solution, is based on a census survey of more than 10,000 U.S. consumers conducted late last year. The survey provides insights into women’s health and wellness, as well as the resources they need to support their overall health.
Unsurprisingly, these medical costs are having a serious impact on women’s health.
The burden of medical costs falls disproportionately on women
Certainly, healthcare costs can be a huge burden for anyone, but the index makes clear that this burden falls disproportionately on women’s shoulders.
The data reveals that of women who make ends meet before payday, 15% cite medical costs as a major financial burden, compared with just 12% of men — a disparity that highlights the different financial vulnerabilities of men and women when it comes to medical costs.
The situation is even more pronounced among consumers who struggle to make monthly payments: among this group, 23% of women report that medical costs are a primary factor in their financial hardship, while the number is significantly lower for men, at 18%. These statistics highlight an alarming trend that women are disproportionately affected by medical costs more than men, which exacerbates their financial insecurity.
Economically unstable women are less likely to receive medical care
This financial uncertainty directly impacts the amount of care patients receive – after all, if patients know that seeking further treatment will mean they’ll be drowning in bills they can’t pay, they’re less likely to do so unless it’s absolutely necessary.
In fact, the study found that women who struggle to make ends meet and live payday to payday are twice as likely to have not seen a doctor in the past year compared to women who are financially stable and save more money each month. They are also 2.6 times more likely to only seek medical care in an emergency.
The implications of these findings are far-reaching. Delaying or avoiding medical treatment can lead to the progression of preventable diseases, reduced quality of life, and increased long-term medical costs. Additionally, economic instability and the stress associated with untreated health problems can further exacerbate women’s health problems, creating a vicious cycle of poor health and financial hardship.
Healthcare disparities negatively impact women’s health
The data shows just that: economically insecure women experience poorer health.
The study showed that women who make ends meet before payday and struggle to meet monthly expenses scored 13% lower than the average woman on the Female Health Index, with the lower the score, the more likely they are to have poor health. In contrast, women who are financially stable and have savings scored 9% higher than the average.
All of this is just the beginning: for a deeper dive into the connections between finances, lifestyle, women’s healthcare, health outcomes and more, tune in to our report on Wednesday (July 3).
