Debt.com's fifth annual medical debt survey found an
overwhelming number of Americans struggling with medical debt –
forcing many to go into collections.
FORT
LAUDERDALE, Fla., July 12,
2024 /PRNewswire/ -- The number of Americans facing
medical debt is at its highest level since 2020 – which is when
Debt.com began polling 1,000 Americans on the topic each year.
The latest survey findings show more Americans are being
crushed by medical debt, forcing more of them into collections
while others avoid seeking health care top save money.
- This year, 79% say inflation has made it harder to pay their
medical bills; a jump from 57% in 2022, the first year the question
was asked.
- The number of people who have outstanding medical debt is up
66% from 46%, five years ago.
- Half of the people polled have medical debt in collections; an
increase from 28%, three years ago.
- More than half (52%) avoid medical care because of their debt.
Only 28% said the same in 2022.
"Other forms of consumer debt fluctuate with the times, but not
medical debt," says Debt.com president Don
Silvestri. "Credit cards, mortgages, and auto loans have
seen their debt levels rise and fall with recessions and the
pandemic. But medial debt is on a steady climb – with no end in
sight."
The data shows one generation in particular is struggling with
medical debt more than others, millennials.
Millennials (77%) are most likely to have outstanding medical
bills or debt compared to other generations.
More millennials (62%) than other generations have had medical
bills sent to collections, and 62% of millennials avoid medical
care because of their debt.
Other key data showed:
- 36% of Americans owe $250 -
$500
- 26% say that diagnostic tests are the primary source of their
medical debt
- 55% are currently on a payment plan to clear their debt
More than half (55%) of all respondents say medical debt holds
them back from future life goals such as marriage, buying a home,
and starting a family. More than 1 in 5 say their medical
debt has caused them to go further into debt with credit cards and
personal loans.
"With the student loan crisis, national political leaders
finally realized that personal debt could bleed into the
macroeconomy. They need to understand that medial debt has now
approached a similar inflection point," says Debt.com chairman
Howard Dvorkin, CPA. "The longer we
wait to heal this particular diseases, the farther it will
spread."
To read the complete survey results visit:
https://www.debt.com/research/medical-debt-survey/.
Debt.com
About: Debt.com is a consumer website where people can find
help with credit card debt, student loan debt, tax debt, credit
repair, bankruptcy, and more. Debt.com works with vetted and
certified providers that give the best advice and solutions for
consumers "when life happens."
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SOURCE Debt.com