Lifetime of Healthcare Costs in the U.S.

A Lifetime of Healthcare Could Cost Almost $320,000

According to Synchrony’s Lifetime of Healthcare Costs research, the average insured American with an employer sponsored health insurance plan could spend more than $320,000 in healthcare costs in their adult lifetime.¹

This price tag doesn’t even account for a chronic illness, mental health services, or elective procedures. Too often, unexpected medical care can come with high co-pays, for things like:

• Scans
• Medical tests
• Specialists
• Lab work
• Accidents and medical emergencies

Check out this infographic highlighting some of the vital info included in the Lifetime of Healthcare Study (full study available for download here).

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Medical Expenses: Expectations vs. Reality

Even if individuals save for these costs, Synchrony’s study found that most respondents dramatically underestimate their out-of-pocket healthcare expenses.

While most guessed that they spent an average of $850 per year on healthcare costs (not including paid premiums), in reality, their actual expenses were closer to $2,100 annually – nearly 145% higher than respondents estimated.¹

This discrepancy can lead many Americans to postpone getting medical care or seeing a specialist – especially younger generations.

The Human Price of Unexpected Healthcare Costs¹

Synchrony’s study reveals that high costs of healthcare are causing people to consider delaying or forgoing recommended care and treatment and forcing them to choose between financial health and physical/mental wellbeing.

• 50% of Gen Z, Millennials, and Gen Xers, on average, said they would consider postponing non-urgent medical care if the cost is $500 - $999.
• 32% of Boomers said they would consider postponing non-urgent medical care if the cost is $500-$999.
• 25% of Gen Z, Millennials and Gen Xers, on average said they would consider delaying non-urgent medical care that costs less than $500.
• 65% of Millennials and 60% of Gen Xer’s said they were not financially prepared for their most costly out-of-pocket healthcare expense.

How People are Paying for Healthcare

Health insurance can be a good first line of defense, but here are a number of ways to play for unexpected healthcare costs:

Health Savings Accounts (HSA): Available to those with a qualifying high-deductible health plan as a way to save pre-tax dollars specifically for health-related expenses.²

Flexible Spending Account (FSA): If you have health insurance through your work, an FSA, or Flexible Spending Account, is a pre-tax saving account that can be used for health-related expenses like copays, deductibles and prescriptions.³

Savings Account: Even a basic savings account through your bank can help you set aside money for unexpected medical costs not covered by your insurance.

CareCredit Credit Card: CareCredit is different from a general purpose credit card. More than 12 million people have CareCredit to help pay for out-of-pocket expenses not covered by medical insurance. Promotional financing options are available that you may not be able to get with other cards.* See if you pre-qualify today at www.carecredit.com/apply.

Download Synchrony’s Lifetime of Care Healthcare Costs Research

For more information about healthcare costs in the U.S., download the full study.