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For many Americans, the rising cost of healthcare isn’t just a budgeting concern—it’s a source of stress. According to KFF, a prominent health policy group, approximately six in ten U.S. adults say they’re very or somewhat worried about affording medical care, including filling needed prescriptions and the cost of long-term care.
These financial fears aren’t unfounded. The cost of medical care continues to climb, insurance premiums are far from cheap and, even with coverage, you can still face high deductibles and out-of-pocket costs. For some, the financial burden is so overwhelming that it affects their decision even to seek care in the first place.
The Emotional and Financial Toll of Medical Costs
Imagine needing treatment for something as common as a sinus infection—or facing a serious procedure—and feeling overwhelmed not by the diagnosis, but by the potential cost of getting care. The same KFF data from July 2025 revealed that approximately one-third of adults (36%) put off seeking care in the past year because of the cost.
And, when medical bills pile up, the consequences can be long-lasting. About 17% of adults with healthcare debt say they’ve been contacted by a collection agency. Some have cut back on food, utilities or other necessities to stay afloat, while others have racked up credit card debt or taken out loans to keep up with medical payments.
With a healthcare system so costly and complex, many Americans are asking the same question: How can I prepare for these expenses before they hit?
Building a Healthcare Safety Net: Why a Savings Account Helps
Healthcare in America isn’t guaranteed—for some, it can feel more like a luxury. If your employer doesn’t offer health benefits, the Affordable Care Act (ACA) allows you to buy insurance on your own—but premiums can run several hundred dollars every month. In 2024, the average monthly premium for an ACA health plan without subsidies was approximately $477. While you may qualify for tax credits that can lower the cost, if you don’t, it can make basic coverage feel out of reach.
A straightforward way to prepare for healthcare costs is to set aside money for potential expenses in a separate savings account. It won’t fix all the problems with healthcare costs, but having that cushion can help take the sting out of large bills, which can include deductibles, copays and other out-of-pocket costs. It might even help you avoid debt if something unexpected comes up.
For example, Synchrony Bank High Yield Savings offers 3.80% APY and requires no minimum deposit. Let’s say you start with $1,000 and add $200 a month for a year—you’d end up with about $3,400 in savings, thanks to interest.
A savings account doesn’t just grow your money a little over time; it also helps you build a habit. It’s a simple way to set money aside each month instead of spending it, and before you know it, you’ve built a little safety net with minimal effort.
Another option is CIT Bank Platinum Savings, which offers a whopping 4.00% APY if you maintain balances of $5,000 or more and deposit an initial $100. If you’ve got some extra money set aside, this could be a great way to grow your savings a little faster.
Bottom Line
Healthcare costs in America remain a major concern for millions, and the financial impact of getting sick can be just as daunting as the illness itself. With more than 60% of people worried about affording care, proactive financial planning is no longer optional—it’s essential.
Building a dedicated savings account for medical expenses won’t solve every problem, but it can ease the pressure, offer peace of mind and give you options when you need them most. As healthcare costs continue to rise, the best thing you can do today might just be setting a little aside for tomorrow.