U.S. adults living with diabetes are spending twice as much on their medical expenses compared to Americans who are free of the disease, and this is negatively affecting their finances. This is the finding of a survey of 1,000 U.S. adults aged 26 to 64. Half of the survey takers had diabetes and the other half did not have diabetes.
In many cases, Americans with diabetes are using their savings to cope with high costs of the condition. The survey found that approximately half of adults living with diabetes went through extreme measures to pay a medical bill. This included using credit cards, borrowing money from relatives and friends, or pulling money out of a retirement or savings account.
More than two-thirds of U.S. adults living with diabetes were not only concerned about their medical bills, but they also feared that their retirement would have to be delayed. In addition, 62% of Americans with diabetes worried that they would be forced into retirement by health issues before they’re ready to leave the workforce.
Treatments Take Toll on U.S. Adults Living with Diabetes
It seems that diabetes treatments continue to increase in cost as time passes. One reason for this is that the healthcare sector is considered a consumer staple in the U.S. economy. This means that no matter how the economy is performing, healthcare is always needed. This results in products related to diabetes treatment being linked to inflation.
There are some U.S. adults living with diabetes who need treatments for other conditions and illnesses, which can be very expensive. One common medical treatment needed by Americans with diabetes is dialysis, which removes excess water and toxins from the blood. This treatment is often sought because of kidney failure.
Dialysis may be required three times a week, or even daily, depending on patients’ needs. In many cases, patients have to go to a hospital for dialysis treatment. This is an example of a healthcare treatment for U.S. adults living with diabetes that may force them into early retirement. This is also an instance where a patient might have to use a credit card or borrow from family and friends to pay for the treatment.
Another possible healthcare intervention for Americans with diabetes that is quite expensive is oxygen treatment. This treatment can reduce the risk of blood clotting associated with diabetes.
“Americans with Diabetes More Concerned About Their Financial Future Than Those Without,” Business Insider, January 25, 2018.