Survey: Tax Refunds Play Role in Covering Health Care Costs

Over 25% of people have used their tax returns for medical bills, a new survey showed.

Tebra surveyed 1,000 Americans in January to figure out how they plan to use their tax refunds for medical bills. Of those surveyed, 14% were Gen Z; 58% were millennials; 24% were Gen X; and 4% were baby boomers.

Other takeaways included:

• 1 in 6 plan to pay off medical bills with this year’s refund.
• Almost 1 in 10 plan to have elective surgery paid for with this year’s refund.
• 82% find that expecting their tax refunds reduces financial stress related to health care.

The top health care needs people plan to address with their tax refunds are dental care at 44%, vision care at 25%, and mental health services at 21%. Other health care needs came in under 20%.

The top three elective procedures were cosmetic dentistry at 26%, facial fillers at 25%, and LASIK at 22%.

In addition, the survey found that 20% of Gen Z surveyed plan to use their tax returns for medical bills.