A Federal Reserve report released in May evaluated the results from the 2022 Survey of Household Economics and Decisionmaking (SHED). Generally, the report found a decline in peoples’ financial well-being over 2021 and the self-reported financial well-being was among the lowest observed since 2016.

With respect to health care expenses, the report found that many adults were not financially prepared for health-related costs:

• 23% of adults had major, unexpected medical expenses in the prior 12 months;
• The median amount of the unexpected medical expenses was between $1,000 and $1,999;
• 16% of adults had debt from their own medical or that of a family member;
• 28% of adults went without some form of medical care in 2022 because they could not afford it (up from 24% in 2021);
• Among those with family income less than $25,000, 38% skipped medical care
• Among those with family income making $100,000 or more, 11% skipped medical care
• 91% of adults had health insurance
• Among the uninsured, 42% went without medical treatment compared to 26% among the insured

The report contains broad information and provides insights into other topics, such as emergency savings, education, housing and retirement savings. As noted in the report there is a “diversity of people’s financial experiences” including “notable differences by income, education, race, and ethnicity.”