High healthcare costs are causing many Americans to skip necessary medical care, with significant economic and personal consequences. European systems, despite their flaws, offer more affordable options.
America, the land of the free and the home of the brave, also happens to be the land where people avoid going to the doctor because it's simply too expensive.
That’s right, folks—millions of Americans are skipping necessary healthcare due to the outrageous costs. This isn’t just about avoiding the odd check-up; it’s about real people with real health issues opting to stay sick because they can’t afford the cure. All this comes from the U.S. Federal Reserve’s latest Economic Well-Being of U.S. Households report, which you can download here.
We just covered the soaring cost of a burger and it seems as if life ain’t so great in the old US of A.
The 11th annual Survey of Household Economics and Decisionmaking (SHED) offers insight into the financial well-being of U.S. adults & their families & provides important information about how people are faring in the economy: (1/4) https://t.co/w77PEADgmo https://t.co/rHT05oeVxn
— Federal Reserve (@federalreserve) May 21, 2024
American Healthcare - A Prescription for Poverty
Let’s break it down. Healthcare in the US is so costly that it’s practically a luxury. According to the Federal Reserve report, a staggering number of Americans avoid medical treatment because they can't afford it. We're not talking about cosmetic procedures or elective surgeries here; we're talking about essential healthcare—things like medication for chronic illnesses, necessary surgeries, and even basic preventive care.
Insurance? Yeah, that’s a joke for many. Even those with insurance often face high deductibles and out-of-pocket expenses that make seeking care financially crippling. It’s a lose-lose situation: pay up and risk financial ruin or skip care and risk your health. It’s a choice no one should have to make, yet it’s a daily reality for many Americans.
The EU’s (Slightly) Better Solution
Now, let’s take a jaunt across the pond to Europe. Sure, the EU isn’t perfect when it comes to healthcare, but compared to the US, it’s practically a utopia. European countries offer more affordable healthcare, funded through taxes, which means that getting sick doesn’t have to come with the added stress of a financial meltdown.
Countries like France, Germany, and Sweden have their own problems—waiting times, bureaucratic inefficiencies, and occasionally subpar service—but the overarching principle is that healthcare is a right, not a privilege. Even Cyprus, with its modest resources, manages to provide its citizens with more affordable healthcare options than the US.
The Economic Domino Effect
Skipping healthcare doesn’t just affect individuals; it has a ripple effect on the economy. When people don’t get the care they need, they’re more likely to miss work or perform poorly when they do show up. Chronic illnesses go untreated, leading to more severe health issues down the line, which, ironically, cost even more to treat. It’s a vicious cycle that puts a strain not only on families but on the entire economic system.
Moreover, the burden on emergency services increases as people wait until their condition is dire before seeking help. Emergency rooms are often the last resort for those who can't afford regular care, leading to overcrowded facilities and exhausted healthcare workers.
The Bottom Line
The American healthcare system is in a state of crisis. High costs are forcing people to make impossible choices, putting their health and financial stability at risk. While the EU’s system is far from perfect, it offers a model of more affordable, accessible care that the US could learn from. Until significant changes are made, millions in America will continue to suffer, and the economic consequences will be felt far and wide.
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