Many Americans feel financially unprepared to handle unexpected medical expenses despite being covered by employer-provided health insurance and may delay care as a result.

"In working with employers, there's been an increased focus on employees' financial wellbeing," said Meghan Shea, vice president and head of strategy and solutions at New York Life Group Benefit Solutions. "Unfortunately, our latest research shows that the needle hasn't been moved when it comes to unexpected health care costs."

More than 7 in 10 respondents in a recent New York Life survey expressed a desire for lower out-of-pocket health care expenses, reflecting the broader sentiment that health care costs increasingly are becoming a financial burden. Among the other findings:

• Growing concern over increasing expenses. Half of adults surveyed said they are covering more out-of-pocket costs now than in the past.
• Delayed medical treatment because of costs. Fifty-seven percent said they have delayed medical treatment, with concerns around their ability to pay for medical expenses being the top reason. Of note, 70% of millennials reported delaying medical treatment, with concerns around their ability to pay as the leading reason.
• Lack of preparedness. Four in 10 adults do not feel prepared to face an unexpected out-of-pocket medical expense. Although nearly 7 in 10 men feel prepared, less than half of women (49%) feel the same way.

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• Unexpected health care costs are leading to increased debt. Forty-four percent of adults say they would have to take on additional debt to cover an unexpected medical cost, primarily using credit cards (44%) and payment plans (46%).
• Confusion around existing medical coverage. One-third of respondents fully understand what their health insurance plan covers, indicating a need for improved educational resources on the specifics of medical coverage and assistance in selecting benefits that can help fill gaps in coverage.

"The survey highlights a critical gap in financial preparedness among employed adults in the face of growing health care costs, and it's clear that many would like help bridging costs that are not covered by their health insurance plans," Shea said.