Americans borrowed $74 billion last year to cover healthcare costs: West Health Institute
2025 MAR 17 (NewsRx) -- By a
The survey found almost 20% of Americans aged 49 and under needed to borrow money to cover medical costs compared with just 9% of those 50 to 64. Women between the ages of 50 and 64 were twice as likely as men in the same age group to say they had to borrow (12% vs. 6%). Two percent of Medicare-eligible adults (those over the age of 65) reported having to borrow.
“Too many Americans are racking up medical debt whether they have health insurance or not,” said
Black (23%) and Hispanic adults (16%) were significantly more likely to report having borrowed money than White (9%) adults. The biggest disparities were found among adults under the age of 50. Black adults aged 18-49 (29%) were the biggest borrowers followed by Hispanic adults (19%) and White adults (14%) in the same age range. Americans with children under the age of 18 were twice as likely to report borrowing compared to households with no children (19% vs. 8%).
Breakdown of Borrowing
Americans collectively borrowed about
Concerns Over Medical Debt Across Age, Race and Income
Most Americans (58%) report being at least somewhat concerned that a major health event could land them in debt, including 28% who say they are “very concerned.” Concerns span income levels, with more than six in 10 households with annual incomes under
Even with Medicare eligibility, more than half (52%) of people aged 65 or older say they are at least somewhat concerned they could go into medical debt if they suffered a major health event. Concerns also run high among Black adults (62%), Hispanic adults (63%) and women (62%). Only 14% of respondents say they are not concerned at all.
“It is clear that high healthcare costs continue to burden the American people, and financial insecurity around care is not limited to any one demographic,” said
Methodology
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