Turmoil in the Financial Markets Creates Unwillingness for Individuals to Invest in Medical Treatment

The Washington Post is reporting that people are creating their own form of financial self-help in light of the turmoil on Wall Street–staving off medical treatment under they are better able to afford it.

“Consumers are attempting their own form of triage, pushing off seemingly less-urgent services in the hope that their financial health will improve. But the danger, say physicians, is that the short-term savings may translate into more severe long-term health implications.”

“Nationwide, the number of consumers who went without a prescription, tapped into retirement savings to pay for health care or skipped a doctor visit for themselves or a child has risen since last year, according to a survey released this summer by the Rockefeller Foundation and Time magazine. One-quarter of the 2,000 respondents, for example, said they had decided not to see a doctor because of cost in 2008, up from 18 percent the year before. Ten percent said they did not take a child to the doctor for the same reason.”

 

 

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