{"id":386766,"date":"2020-11-23T08:36:26","date_gmt":"2020-11-23T13:36:26","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=386766"},"modified":"2020-11-23T08:36:26","modified_gmt":"2020-11-23T13:36:26","slug":"rising-medical-costs-in-covid-19-era-threaten-holiday-spending","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/rising-medical-costs-in-covid-19-era-threaten-holiday-spending\/","title":{"rendered":"Rising Medical Costs in COVID-19 Era Threaten Holiday Spending"},"content":{"rendered":"
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Aflac survey reveals consumers will reduce gift giving in half to adjust to the pandemic-led crisis<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n COLUMBUS, Ga.<\/span>, Nov. 23, 2020<\/span> \/PRNewswire\/ —\u00a0Despite pandemic economic hardships, National Retail Federation<\/a>\u00a0forecasting shows consumers will spend just under $1,000<\/span> this holiday season \u2014 with speculations centering on how Americans have extra cash on hand due to spending more time at home because of the pandemic. However, according to the 2020 Aflac Health Care Issues Survey<\/a>\u00a0released by Aflac, a leading provider of supplemental insurance and products in the U.S., the expenses health insurance doesn’t cover may make many American families cash in on this so-called “quarantine savings” to pay for out-of-pocket medical costs rather than on holiday gifts for their loved ones. <\/p>\n

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The second annual national online survey of 1,138 U.S. adults looked at how medical costs over the last two years have affected Americans during the holiday season and year-round, as well as the rate of hospital visits, regrets related to health care coverage decisions and COVID-19’s ramifications.<\/p>\n

The ongoing rise in health care costs is hitting American families hard, and the challenges posed by the global health crisis are an aggravating factor. Among families with children under 18 in their household who visited the hospital in the past two years, 70% faced significant out-of-pocket medical\u00a0expenses beyond a copay or deductible during their most recent hospital visit. Of these, 64% said they spent $500<\/span> or more in out-of-pocket costs, up from 58% in 2019, and 45% of families said they spent $1<\/span>,000\u00a0or more in out-of-pocket costs, up from 37% last year. <\/p>\n

“As a mother of three and a businesswoman, I have seen firsthand how the pandemic has shaped everything from how and where kids learn to how and where employees work,” said Stephanie Shields<\/span>, senior vice president of Broker Sales at Aflac. “In a year ripe with change, one constant remains: High medical costs continue disrupting American families, many of whom may be unprepared for the out-of-pocket expenses health insurance doesn’t cover.”<\/p>\n

Because of these financial difficulties, many families may find it difficult to fill in their loved ones’ stockings this holiday season. Within the past two years, nearly 3 in 4 (71%) families\u00a0said they had to make some\u00a0<\/b>sort\u00a0of sacrifice or hard decision during the holiday season because of medical cost concerns, including: <\/p>\n