31 Million Americans Borrowed $74 Billion for Healthcare Costs in 2024

A new survey highlights the financial strain of medical expenses, with younger adults, minorities, and women disproportionately impacted.

The West Health-Gallup survey found that 12% of U.S. adults, or 31 million people, borrowed money to pay for healthcare in 2024, totaling $74 billion in debt.
Young adults aged 18-29 were the most affected, with 18% reporting they had to borrow money for medical expenses, compared to just 2% of adults over 65.
Black and Hispanic Americans were significantly more likely to take on medical debt, with 23% and 16% borrowing, respectively, compared to 9% of white adults.
Over half of Americans (58%) expressed concern about the possibility of incurring medical debt from a major health event, with worries cutting across income levels and demographics.
The findings come as debates over Medicaid funding cuts and the future of consumer protections for medical debt raise concerns about worsening financial insecurity for vulnerable populations.