A West Health-Gallup survey found that more than 31 million Americans borrowed money last year to cover healthcare costs, totaling $74 billion. The findings highlight the financial strain of medical expenses, even for those with health insurance.
The survey revealed that younger adults (ages 18-49) were the most likely to take on medical debt, while only 2% of borrowers were 65 or older. Black and Hispanic Americans were significantly more affected, with 23% of Black adults and 16% of Hispanic adults borrowing for healthcare, compared to 9% of white adults.
Financial concerns about healthcare debt were widespread, with 58% of Americans reporting they worry that a major health event could leave them in financial distress. Experts warn that without policy reforms, the burden of rising healthcare costs will only increase.
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