New data shows that health care was so expensive last year that adults in the U.S. (or 12%) had to borrow $74 billion to access health care last year. These include people with health insurance, making such figures even more disturbing.
Nearly one-third of the more than 3,500 people surveyed by a nonprofit healthcare group Gallup and West Health said they were “very worried” that although most people have some form of healthcare coverage, they would result in medical debt.
The findings highlight how individuals and families face financial difficulties simply for basic health care.
“It's very obvious here that families are forced to take out loans and borrow to pay for the expensive care they need,” Western Health President Tim Lash told CBS MoneyWatch. “These large amounts are worrying, but humans are losing in billions and trillions of dollars as we reduce it to the life experiences of individuals and families in the United States.”
To avoid taking on debt, families sometimes make trade-offs, such as buying less groceries or not paying rent to get the care they need.
According to the survey, nearly one in five adults aged 18 to 28 reported borrowing money to pay for health care. Between 50 and 64 years old, over 65, only 9% of Americans report having to borrow money to get the medical care they need.
“There are a lot of differences about who borrows it,” Rush said. This is partly because Medicare is available for people over 65 years of age, providing relatively comprehensive coverage for enrolled students.
According to the American Hospital Association, U.S. residents owed at least $220 billion in medical debt as of mid-2024. Healthcare bills have been the main reason for individual bankruptcy for years.
Rush added: “We need reform to find savings that can be dripped into individuals, so that these situations (making unnecessary trade-offs) are not the conditions for moving forward.”
