Survey Highlights Widespread Anxiety Over Potential Medical Debt from Major Health Events
Tags: medical bills, insurance, uninsured, healthcare costs, financial stress, borrowing
MONDAY, March 10, 2025 (HealthDay News) — A staggering 31 million U.S. adults—representing 12 percent of the adult population—borrowed a collective $74 million in 2024 to manage medical expenses for themselves or their families, according to a new survey from West Health and Gallup.
The West Health-Gallup Healthcare Survey, conducted online from November 11 to 18, 2024, polled 3,583 American adults, shedding light on the financial burden of healthcare across demographics.
Younger adults bore the brunt of this trend, with 18 percent of those aged 18 to 29 reporting they had to borrow money to cover healthcare costs—a rate mirrored among adults aged 30 to 49. In contrast, borrowing was far less common among older groups, with only 9 percent of those aged 50 to 64 and just 2 percent of those 65 and older turning to loans for medical bills.
Gender differences also emerged. Among adults under 50, 20 percent of women borrowed money for healthcare, compared to 14 percent of men. For those aged 50 to 64, women were twice as likely as men to take on debt. While men borrowed less frequently, they tended to take out larger sums, with 51 percent borrowing $1,000 or more, compared to 36 percent of women.
Racial and ethnic disparities were stark as well. Black adults (23 percent) and Hispanic adults (16 percent) were significantly more likely to borrow money than White adults (9 percent). These gaps widened among adults under 50, with 29 percent of Black adults, 19 percent of Hispanic adults, and 14 percent of White adults reporting loans for medical costs.
Beyond borrowing, the survey uncovered deep-seated financial fears: 58 percent of Americans expressed concern that a major health event could plunge them into medical debt, including 28 percent who said they were “very concerned.”
“The data underscores an urgent need for stronger public policies to mitigate the crushing cost of healthcare,” Gallup noted in a news release. “Without meaningful reform, millions more Americans may face mounting debt or be forced to delay critical care due to financial pressures.”
