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
Advertisement
Related Stories
Affordability
How Much Income Do First-Time Buyers Need to Afford the Average Home?
The median-priced home is unaffordable in 44 of the 50 largest U.S. metro areas
Sales
What the NAR Commissions Settlement Means for Home Builders
The legal settlement will improve transparency during the home sales process, mitigate predatory practices, and help preserve profitability for home builders
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March