Editor's Note: This research was conducted in partnership with West Health, a family of nonprofit and nonpartisan organizations focused on healthcare and aging.
WASHINGTON, D.C. -- Twelve percent of U.S. adults -- or about 31 million Americans -- report they had to borrow an estimated total of $74 billion in the past 12 months to pay for healthcare for themselves or a household member. A majority of Americans (58%) share concerns that they would experience medical debt if faced with a major health event.
The findings are from the latest West Health-Gallup Healthcare Survey of 3,583 U.S. adults, conducted Nov. 11-18, 2024, via web using the Gallup Panel.
Borrowing varies among age groups. Nearly one in five young adults aged 18 to 29 (18%) report they needed to borrow to pay for healthcare. Similar rates are reported by adults aged 30-49. This stands in stark contrast to the 9% of Americans who are 50 to 64 and only 2% of those 65 and older who say they needed to do so.
Women younger than 50 are more likely than younger men -- 20% vs. 14%, respectively -- to report that they borrowed money to pay for healthcare. Likewise, women aged 50 to 64 are twice as likely to report borrowing money as men in the same age bracket, although no gender gap exists among those 65 and older.
Black adults (23%) and Hispanic adults (16%) are each substantially more likely to report having borrowed money than their White (9%) counterparts. By age, the disparities are particularly pronounced among adults younger than 50, with 29% of Black adults reporting borrowing money for healthcare compared with 19% of Hispanic adults and 14% of White adults.
Americans with children under the age of 18 living in their household are twice as likely to report that they borrowed money in the past 12 months compared with those who do not have children living in their home (19% vs. 8%, respectively).
Most Who Borrow for Healthcare Borrow at Least $500
Of those who say they borrowed money in the prior 12 months to pay for healthcare, nearly six in 10 (58%) report borrowing $500 or more, while 38% report borrowing less than $500; collectively, this amounts to about $74 billion.
This projection takes into account the percentage of adults who report borrowing money in the past 12 months and the average amount they report borrowing, multiplied by the total U.S. adult population. (See Survey Methods for more information.)
Although men are less likely than women to report borrowing money to pay for healthcare, they are more likely to borrow larger sums, with 51% borrowing $1,000 or more, compared with 36% for women.
The amount borrowed increases dramatically with age. Half of adults 50 and older who report borrowing money to pay for healthcare in the past 12 months borrowed approximately $3,000 or more. In contrast, the median amount was $750 for adults aged 30-49 and $300 for young adults aged 18-29.
Although reports of borrowing are much less common among adults 65 and older -- just 2% in the past year -- the relatively high sums older adults report borrowing may reflect critical gaps in Medicare eligibility or coverage, such as long-term care coverage.
Concern About Medical Debt Widespread Among Americans
A majority of Americans (58%) are concerned that a major health event could lead to personal medical debt. This includes 28% who say they are “very concerned” about the possibility.
Although most Americans aged 65 or older are eligible for Medicare, more than half (52%) say they are “somewhat” or “very concerned” about the potential for medical debt if a major health event happens to them or someone in their household. These concerns may reflect recent or impending cuts to Medicare funding, or long-standing deficiencies in Medicare coverage.
Younger adults are even more likely to be concerned, with approximately three out of five adults younger than 65 reporting they are “somewhat” or “very concerned.”
Concerns run higher among minority groups and women. Sixty-two percent of Black adults and 63% of Hispanic adults say they are somewhat or very concerned about facing medical debt, compared with 56% of White adults who feel the same level of concern. Also, women (62%) report concern about medical debt at a higher rate than men (54%).
Medical debt concerns are reported by more than six in 10 Americans living in households earning up to $120,000 annually. Although concerns begin to decline at higher incomes, 40% of Americans with annual household incomes of $180,000 or more still say they have concerns.
Implications
Concerns over medical debt loom large for the nearly six in 10 Americans who are uncertain whether they would have the resources necessary to cover healthcare costs if faced with a major medical event. Such events are often unpredictable, making it difficult for Americans of any age to budget for these expenses, and the added worry of financial hardship can magnify the stress and burden of the event itself.
An estimated 31 million Americans borrowed money to pay for healthcare in the past year alone, and millions more are coping with the high cost of healthcare by skipping treatments, avoiding care or making other tradeoffs that put their health at risk. Younger adults, families and racial/ethnic minorities are disproportionately affected by these struggles.
The findings suggest that stronger public policy is needed to address the impacts of high-priced healthcare; without such changes, millions more may accumulate debt or be forced to make painful tradeoffs about seeking healthcare.
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