31 Million Americans Borrowed $74 Billion for Medical Bills in 2024

A new survey highlights the financial strain of healthcare costs, with younger adults and minorities disproportionately affected.

The West Health-Gallup survey found that 12% of American adults borrowed money for healthcare expenses last year, totaling $74 billion.
Young adults aged 18-29 were the most affected, with 18% needing to borrow money for medical bills, compared to just 2% of those aged 65 and older.
Black and Hispanic Americans were significantly more likely to borrow for healthcare costs than white Americans, with borrowing rates of 23%, 16%, and 9%, respectively.
A majority of Americans (58%) expressed concern about the possibility of medical debt in the event of a major health issue, spanning across income levels and demographics.
The findings come as debates over Medicaid cuts and the future of the Consumer Financial Protection Bureau raise concerns about worsening medical debt burdens.