Over 31 Million Americans Borrowed $74 Billion for Healthcare Costs
West Health
|
Contributed by: Kate Gamble
Summary
A survey by West Health and Gallup reveals that over 31 million Americans borrowed around $74 billion last year for healthcare costs despite having health insurance, with nearly one-third fearing that significant health events could lead to debt. Younger Americans are particularly impacted, as nearly 20% of those aged 49 and under reported borrowing for medical expenses, a stark contrast to just 9% of individuals aged 50 to 64. Additionally, women in the older demographic were more likely to borrow than men. Racial disparities are evident, with Black (23%) and Hispanic (16%) adults borrowing at higher rates than White adults (9%), especially notable among younger Black adults.
