The Rising Cost of Healthcare

In 2024, approximately 31 million Americans found themselves borrowing a staggering $74 billion to meet their healthcare expenses. This troubling trend has been highlighted in a recent Gallup poll, conducted in collaboration with West Health, which surveyed over 3,500 individuals between November 11 and 18, 2024.

Age-Related Borrowing Trends

Data from the poll reveals striking differences in borrowing habits among various age groups:

• Young Adults (18-29 years): Approximately 18% reported needing to borrow for healthcare costs.
• Adults (30-49 years): Similar borrowing rates as young adults.
• Individuals (50-64 years): Only 9% indicated borrowing.
• Seniors (65 years and older): A mere 2% reported borrowing funds for medical bills.

The Amounts Borrowed

A significant number of respondents indicated the scale of their borrowing:

• 58% of Americans: Reported borrowing $500 or more.
• 38%: Borrowed less than $500.
• 51% of men: Claimed to have borrowed $1,000 or more, compared to 36% of women.

Those aged 50 and above revealed that half borrowed around $3,000, while those aged 30 to 49 and 18 to 29 reported amounts of $750 and $300, respectively.

Concerns Regarding Medical Debt

Medical debt remains a significant worry among many Americans. The poll reports that:

• 58%: Express concern about the financial implications of a major health event.
• 28%: Are “very concerned” about accruing medical debt.
• 62% of African Americans and 63% of Hispanic Americans show heightened concern compared to 56% of White Americans.

Moreover, 62% of women express greater concern about potential medical debt than men (54%). This disquiet extends to households earning up to $120,000 annually, while 40% of those making $180,000 or more still acknowledge worries over medical expenses.