Women are increasingly feeling the pinch from rising healthcare costs, which significantly impact their overall well-being, especially those without a financial cushion. The forthcoming “2024 Women’s Wellness Index” report, produced by PYMNTS Intelligence and CareCredit, draws on data from a comprehensive survey of over 10,000 U.S. consumers conducted last year. The study aims to shed light on women’s health and wellness, highlighting the financial resources they require for a stable life. The report underscores the tangible effects of medical bills on women’s health outcomes, revealing some disconcerting trends.
Previous reports have similarly highlighted the financial challenges women face due to healthcare costs. Historical data indicated an upward trend in women delaying or avoiding medical care due to expenses, leading to a deterioration in their overall health. Earlier surveys also pointed out that women, particularly those with lower incomes, often experience a higher financial strain from medical bills compared to their male counterparts.
Women have long been bearing the brunt of healthcare expenses. In past studies, the gender disparity in financial burden due to medical costs was evident, with a more significant percentage of women reporting financial stress directly linked to healthcare. These findings align with the current report, reinforcing the persistent financial inequality in healthcare.
Women Disproportionately Burdened by Medical Bills
The “2024 Women’s Wellness Index” reveals that healthcare costs disproportionately affect women. Among those living paycheck to paycheck, 15% of women cite medical bills as a primary reason for their financial strain, compared to 12% of men. This gender disparity is even more stark among those struggling to pay their monthly bills, with 23% of women versus 18% of men reporting significant financial difficulties due to medical expenses. This data underscores how healthcare costs exacerbate financial instability for women more than men.
Financially Unstable Women Get Less Medical Care
Financial instability directly affects women’s access to medical care. Many women avoid or delay seeking medical treatment due to the fear of incurring unmanageable debt. The study found that women living paycheck to paycheck and struggling with monthly bills are twice as likely not to have seen a doctor in the past year compared to their financially stable counterparts. They are also 2.6 times more likely to seek medical care only in emergencies. This avoidance leads to the progression of preventable diseases, reduced quality of life, and increased long-term healthcare costs.
Insights and Inferences
– Financial instability significantly affects women’s access to healthcare.
– Gender disparities in healthcare costs contribute to broader economic inequality.
– Long-term health outcomes for women are negatively impacted by financial strains.
Women facing financial instability see more pronounced negative health outcomes compared to their financially stable counterparts. The study shows that women who live paycheck to paycheck and struggle with monthly expenses score 13% worse on the Women’s Wellness Index than the average woman. In contrast, financially stable women score 9% higher than average. These findings highlight the need for comprehensive solutions addressing both financial and healthcare disparities to improve women’s health outcomes.
