Accessing Affordable Healthcare During the COVID-19 Pandemic: 2021 Financial Planning

The Price of the Pandemic

It’s been nearly a year since the COVID-19 outbreak was declared a pandemic, catching most of us—and our financial plans—off guard. More than 2/3rds of Americans experienced a major financial setback in 2020, from job losses and business closures to health emergencies, and more than 60% of Americans fell short of their 2020 financial goals.

And while the economy is slowly recovering, the fight against the virus continues; January 2021 marked the deadliest month of the pandemic in the United States and new, more contagious variants of the disease threaten vaccination progress.

So what can Americans do to financially prepare for 2021?

Survival Mode Mindset

A recent Fidelity survey reported that 4 in 10 Americans are approaching their 2021 finances with a “Survival Mode” mindset; they’ll “be focused on the day-to-day as [they] try to get through the next year.” But what does that really mean? 

Many Americans’ ability to put money away into savings accounts has been limited by the pandemic’s economic upheaval. According to a 2020 PEW Research Center study, “among those who indicate they are usually able to put money into savings, 36% say they’ve been saving less since the coronavirus outbreak started.” And that’s okay! No one anticipated this pandemic, so don’t feel bad for having to spend down savings or not being able to save as much as you would’ve liked. Given the recession, most Americans have had to dig into their savings to afford essentials like food, rent and healthcare. But what if you didn’t have to? What if you could save on those essentials and make your hard-earned dollars go further?

Bringing Back Certainty

Since 1 in 5 Americans gets hit with a surprise medical bill in a normal year, shopping around for care can help you better manage your budget. And in a year with so many unknowns, we think you should take back the reins of your healthcare by knowing exactly what you’re paying for. 

The “Survival Mode” approach to 2021 might mean that Americans are focusing their budgets on essentials and limiting discretionary expenses, but it also means that Americans are being more thoughtful with their spending. And now that non-essential procedures are being rescheduled, how can you prevent the pandemic’s financial impact from limiting your access to care?

The Smart Approach to Accessing Affordable Healthcare in 2021

• Don’t delay medical care.

  Delaying treatment can lead to long-term negative health and financial consequences. Of the 1 in 5 adults who delayed receiving medical care or were unable to access care entirely in 2020, 57% experienced more serious illness, longer hospital stays and higher costs.

• Contact your physician about safety protocols and COVID-19 testing procedures

  to prevent a delay. While several patients avoided care in 2020 out of fear of COVID-19 exposure, the risk of deteriorating health due to delayed care is just as significant and hospitals have implemented numerous measures to prioritize patient safety. 

• Plan ahead.

  Know what providers near you accept your insurance. If you’re uninsured, see how you can save on care from providers near you at MDsave.com.

• Continue to wear a mask and practice social distancing.

  Not only do these behaviors prevent the spread of COVID-19, but they can prevent delays in care. Testing positive for COVID-19 when slated for surgery can cause significant delays in treatment and severe health consequences.

How MDsave Can Help

So the next time you need medical care, whether it’s an MRI, a COVID-19 test, or a major surgery, do your homework—the average MDsave patient saves nearly $300 per purchase on their care. That patient could be you.

At MDsave.com, you can compare prices and buy procedures with the click of a button—just like buying a plane ticket. MDsave works with more than 300 hospitals across the country to bring you healthcare from the same physicians you already know and love, just bundled into one all-inclusive price. 

2020 was stressful, especially when it came to healthcare. 2021 doesn’t have to be.

For more on how you can maximize your 2021 budget by saving on necessary healthcare procedures, visit MDsave.com/patients.

Sources 

• https://www.cnbc.com/2021/01/27/us-reports-record-number-of-covid-deaths-in-january.html

• https://www.cnbc.com/2020/12/15/heres-what-you-should-consider-for-better-financial-health-in-2021.html

• https://www.kiplinger.com/personal-finance/601871/how-to-prepare-yourself-and-your-money-for-covid-19-in-2021

• https://www.verywellhealth.com/covid-19-pandemic-delays-medical-care-5093910

• https://www.pewresearch.org/social-trends/2020/09/24/economic-fallout-from-covid-19-continues-to-hit-lower-income-americans-the-hardest/

• https://s2.q4cdn.com/997146844/files/doc_downloads/2020/Fidelity-2021-Resolutions-Study-Fact-Sheet.pdf