Most had health insurance but still struggled to pay expenses
More than 31 million Americans had to borrow money last year to pay for healthcare, totaling $74 billion in medical debt, according to a new West Health and Gallup survey.
Despite most of them having health insurance, many still struggle to cover medical expenses, with nearly one-third (28%) of respondents saying they are very concerned that a major health event could put them into debt.
Who is borrowing the most?
The survey found that younger Americans were hit hardest:
- Nearly 20% of adults under 50 reported borrowing money for medical costs, compared to just 9% of those aged 50 to 64.
- Women aged 50 to 64 were twice as likely as men in the same age group to have borrowed money for healthcare (12% vs. 6%).
- Only 2% of Medicare-eligible seniors (65+) reported having to borrow, highlighting the programs role in reducing medical debt for older Americans.
Racial and family disparities
The survey also revealed significant racial and economic disparities:
- Black (23%) and Hispanic (16%) adults were far more likely to take on medical debt than White adults (9%).
- Among adults under 50, Black adults were the biggest borrowers (29%), followed by Hispanic (19%) and White (14%) adults.
- Families with children under 18 were twice as likely to borrow for healthcare as those without children (19% vs. 8%).
How much Are Americans borrowing?
Of the $74 billion in medical debt accumulated last year:
- 58% of borrowers took out at least $500.
- 41% borrowed $1,000 or more.
- 14% had to borrow at least $5,000.
Tim Lash, President of West Health Policy Center, called the situation desperate, stating, A high-priced healthcare system that requires Americans to take out loans just to stay healthy needs serious reform.
Concerns aboutwidespread
More than half of Americans (58%) worry that a major medical event could lead them into debt, including 28% who say they are very concerned. Even among wealthier households earning over $180,000 per year, 40% still worry about medical debt.
Even Medicare recipients are not immune52% of those 65 and older say they fear medical debt despite being covered by the program. Concern is also high among Black (62%), Hispanic (63%), and women (62%) respondents.
Dan Witters, Director of Wellbeing Research at Gallup, stressed that medical debt is affecting all demographics and urged action. These findings underscore the need for solutions that make healthcare more affordable for all Americans.
With millions struggling to cover healthcare costs, experts warn that without policy changes, the problem could get even worse in the years ahead.
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Posted: 2025-03-05 23:28:14
