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Rethinking the Patient Financial Experience During COVID-19

  • Written by Steel Rose

 As Americans steel themselves for another coronavirus surge, consumers are worried about their finances in the year ahead—and their fears impact healthcare purchasing behavior in multiple ways. An AccessOne survey administered in October 2020 found 46% of consumers surveyed are very or somewhat concerned they will lose their job in the year ahead. This includes more than half of families with children (53%). Strikingly, concerns are high across income levels, with 46% of those earning more than $100,000 expressing concern about job loss. Among the more than 1,000 consumers surveyed, younger generations are especially concerned that they will lose their jobs due to COVID-19. Survey results show 55% of millennials, 44% of Gen Xers and 42% Gen Zers are afraid they will become unemployed during the pandemic. Meanwhile, 40% of those surveyed say they experienced some financial loss as a result of the pandemic, whether they lost their job, their spouse lost their job, their hours were reduced or they lost their health insurance. While the national unemployment rate is 7.9%—up from 3.5% last February, just before COVID-19 emerged in the United States—22% of respondents say that they or their spouse lost their job during the pandemic, including nearly one-in-three families with children. To access the report click here