Insured American's Lifetime Healthcare Expenses May Top $700K, According to New Synchrony Research
STAMFORD, Conn., Nov. 14, 2022 /PRNewswire/ -- An insured American with an employer-sponsored health insurance plan can expect to spend more than $320,000 (including insurance premiums and out-of-pocket costs) during his/her adult lifetime, according to new consumer research from Synchrony (NYSE: SYF), a premier consumer financial services company. This number may be more than double — topping $700,000 — for Americans who purchase their own insurance (without employer or government subsidies) or for those who suffer from chronic illnesses such as diabetes, heart disease or cancer.
- As a leader in patient financing, we believe it is important to build awareness among consumers of the cost of healthcare over a lifetime."
- Additionally, the Synchrony Lifetime of Healthcare Costs study suggests many people significantly underestimate their annual healthcare expenditures and do not save for future healthcare costs, leading many to delay recommended medical procedures, often to the detriment of their health.
- Extrapolated during an adult lifetime, this could mean an estimated $320,000 in individual healthcare costs between the ages of 18 and 79.
- The Lifetime of Healthcare Costs study was performed by ASQ360 Market Research/Stephens & Associates on behalf of Synchrony.