Gen Zers and millennials are skipping the doctor's office because they can't afford the bills
Catherine McQueen / Getty Images
- Two-thirds of young adults skipped medical appointments in 2024 due to high healthcare costs.
- Expensive medical bills are a top financial concern for most adults, causing many to forgo care.
- Even with insurance, young adults struggle to cover medical expenses.
About two-thirds of young adults avoided a medical appointment last year because of high healthcare costs.
That's according to a report, published in March, commissioned by the insurance firm Assurance IQ and conducted by Wakefield Research. Millennials and Gen Zers are hit hardest by healthcare costs, and this consistent financial stress might harm their health, according to the report, which surveyed 5,000 Americans between December 7 and December 20 about their financial concerns and barriers to well-being.
Expensive medical bills are a top money worry for most adults. The Federal Reserve found that more than a quarter of Americans went without medical care in 2022 — including seeing a doctor, filling a prescription, or going to a follow-up appointment — because of expenses.
Grace Cochran, 25, told Business Insider in February that she recently had to borrow insulin pump supplies from another type 1 diabetic. She has health insurance, but couldn't afford to pay the $1,800 cost of her insulin pump prescription, she said.
Cochran told BI that, even with health insurance, the costs of doctor's appointments, medical supplies, and insulin to manage her diabetes are significant.
"I'm not rationing things in a serious way, but I am kind of being more mindful of the supplies I'm using and trying to make things last longer," she previously told BI. "It's how I push off spending all that money all at once."
Even with health insurance, many young people struggle to pay medical bills
About three-in-four Gen Zers and millennials said they paid an unexpected medical expense in 2023 — compared to 63% of Gen Xers and 40% of boomers, the report found. And, Gen Zers reported avoiding medical appointments at more than twice the rate of boomers.
Most adults receive health insurance through Medicaid or through their employer. Over a quarter of Gen Zers and millennials, however, say they do not have sufficient coverage to meet their needs, per the report.
Many young people working lower-paying jobs feel unable to pay insurance-related costs. Just over half of Americans who earn under $75,000 annually can cover their deductibles, the report found.
The average entry-level annual salary in 2024 is $43,472 without bonuses, according to Glassdoor. Because Gen Zers and some millennials are newer to the workforce, many of them are working these entry-level roles.
A rising cost of living in most cities can also mean young workers have a hard time building savings to pay for unexpected medical bills.
And, with the unemployment rate rising recently, many Gen Z and millennials say they are concerned about a tough hiring landscape, especially when health benefits are tied to employment.
High medical costs can harm young people's health
Not only can financial concerns prevent young people from seeking medical care, the report found that healthcare bills can lead to social isolation.
Young people are more likely to report high financial stress levels and describe their social connections as "poor." Eight in 10 Gen Zers also said they are stressed on a daily basis — more than other generations, the report found.
Chronic stress and loneliness can contribute to long-term mental health problems and illnesses, which can create more medical costs over time.
And, because of the high cost of many mental health services, Assurance IQ said some young people aren't seeking the counseling support they need.
Are you a Gen Zer or millennial who has delayed medical care because of cost? Are you open to sharing your story? Reach out to this reporter at allisonkelly@insider.com.