“More than 31 million Americans (12%) report needing to borrow about $74 billion last year to pay for healthcare despite most having some form of health insurance, according to a new survey from West Health and Gallup. Nearly one-third (28%) report being ‘very concerned’ that a major health event could throw them into debt,” West Health reported. “The survey found almost 20% of Americans aged 49 and under needed to borrow money to cover medical costs compared with just 9% of those 50 to 64. Women between the ages of 50 and 64 were twice as likely as men in the same age group to say they had to borrow (12% vs. 6%). Two percent of Medicare-eligible adults (those over the age of 65) reported having to borrow. Black (23%) and Hispanic adults (16%) were significantly more likely to report having borrowed money than White (9%) adults. The biggest disparities were found among adults under the age of 50. Black adults aged 18-49 (29%) were the biggest borrowers followed by Hispanic adults (19%) and White adults (14%) in the same age range. Americans with children under the age of 18 were twice as likely to report borrowing compared to households with no children (19% vs. 8%).” “Americans borrowed $74 billion last year to cover healthcare costs,” West Health.
