Type 2 Diabetes Associated with Increased Financial Hardships

Recent research has uncovered a concerning link between type 2 diabetes and adverse financial outcomes. Using a unique dataset, investigators found that patients diagnosed with type 2 diabetes experience significantly worse financial conditions compared to other individuals. The study analyzed data from over 166,000 patients treated at Ohio State University's Wexner Medical Center between October 2017 and December 2021, including electronic health records, credit reports, and employment information, all while preserving patient anonymity. Findings revealed that those with diabetes were more likely to face issues such as below-prime credit scores, medical and non-medical debt in collections, delinquent debt exceeding 60 days, debt charge-offs, bankruptcy filings, and foreclosures. On average, diabetes patients encountered more adverse financial events (1.9) than non-diabetic patients (1.2), with nearly two-thirds of them experiencing at least one negative financial outcome. Specifically, 59.7% of diabetic patients had below-prime credit scores, compared to 45.9% of others. The study also highlighted disparities among subgroups, with higher risks observed in Black and Hispanic individuals, those enrolled in Medicaid, younger patients under 65, women, and those without earned income. The research emphasizes the intertwined nature of financial stability and health, as economic hardship can hinder proper disease management, leading to behaviors such as insulin rationing and skipping care. The authors suggest that routine screening for financial and debt issues among diabetes patients is crucial, alongside community resource provision to support their well-being. This research underscores the importance of addressing financial challenges as part of comprehensive diabetes care and highlights the need for systemic solutions to mitigate these hardships.