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."

Debt.com is the 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.’ (PRNewsfoto/Debt.com)

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SOURCE Debt.com

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