Potential homebuyers are putting the American Dream on hold to pay for rising healthcare costs for themselves and loved ones. With health insurance premiums, out-of-pocket costs, and expensive price tags on treatment, many Americans must forgo buying houses, marrying and having children in order to afford medical care averaging at $5,000 per person per year.
In the U.S. today, it only takes a single medical issue to drain your bank account and force you to put major life events on hold.
For Sam, who asked to be identified by a pseudonym, helping a loved one cope with substance abuse wiped out tens of thousands in savings, along with any financial security. “I have pretty good health coverage (or so I thought), and I’m thankful for it or else I’d probably be over $100,000 in debt,” Sam, a thirty-something, tells CNBC Make It.
But even with good health insurance, the bills piled up. Between the insurance deductible and the plan’s out-of-pocket maximums, as well as treatments and expenses like travel that were not covered, Sam blew through savings and ended up putting many expenses on a credit card
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