The economic crisis is being reflected in individual healthcare decisions. In many cases, individuals are being forced to make very difficult choices.

Employers and employees struggled to meet healthcare costs even before the bad economic news hit. The situation for some is now dire and relief seems to be far in the future. Watson Wyatt predicts that healthcare costs around the world will continue to rise over the next five years.

How are healthcare consumers coping? Many are postponing necessary care. An October 2008 EBRI survey found that 47% of individuals delayed visits to their doctor in 2008 to cope with rising costs. The stories of individual struggles in the Washington Post give us a close-up view of this harsh reality.

Compounding financial stress and healthcare woes can contribute to physical and mental health problems that impact both the home and the workplace. For example, Smerd and Marquez write “A poll last month of 711 adults by Raleigh, North Carolina, benefits company Workplace Options showed that half of those surveyed reported feeling stress over financial matters, with 48 percent saying the current economic uncertainty has caused them to be less productive at work.”

Some helpful resources include a Hewitt Associates list of items to consider when enrolling for benefits. The AARP website (and CARP in Canada) contain information related to health and wellness.

For those individuals who are forced to forego medical treatment due to financial constraints, the goal should be to reduce the risk of negative long term consequences.

Do you have any healthcare cost cutting measures that you could share?

References:

Connolly, Ceci and Kendra Marr. “As Budgets Tighten, More People Decide Medical Care Can Wait.” Washington Post Online [www.washingtonpost.com]. October 16, 2008.

Employee Benefit Research Institute®. The 2008 Health Confidence Survey: Rising Costs Continue to Change the Way Americans Use the Health Care System. EBRI Notes Vol. 29, No. 10, October 2008.

Hewitt Associates. “How to Save Money and Get Healthier: Hewitt Offers Tips for Employees during Annual Benefits Enrollment. Press release. [www.hewittassociates.com].

Katz, Mandy. “Staying Healthy in a Sick Economy.” The New York Times [http://www.nytimes.com]. October 15, 2008.

Smerd, Jeremy. “Economic Turbulence Is Raising Concerns About Health Care Costs.” Workforce Management [www.workforce.com]. October 7, 2008.

Smerd, Jeremy and Jessica Marquez. “Employee Stress Over Economy Puts Firms’ Employee Communication Efforts to the Test.” Workforce Management [www.workforce.com]. October 10, 2008.

Watson Wyatt Worldwide. “Medical Cost Increase to Accelerate Worldwide Over Next Five Years, Watson Wyatt Poll Finds.” Press release. [http://www.watsonwyatt.com]. February 6, 2008.