BOSTON — At least 90 percent of Americans have health insurance, but that’s not keeping a significant portion from going into debt for health care. A new report by West Health and Gallup finds that about 30 million adult Americans—or about 12%—had to borrow money in 2024 to pay for medical treatments.
The report found borrowing more common in younger adults, with 51% of those under age 50 taking out medical loans. But the amount borrowed rose with age to a median $3,000 in those older than 50. Nearly 40 percent report borrowing $1,000 to $10,000.
Sebastian Tello Trillo, PhD, a professor of public policy at the University of Virginia, said the situation may be even worse than the report suggests.
“There are a lot of people, they get a hospital bill and they’re actually going to pay their hospital bill,” he said. “But that also means they’re not going to pay for other stuff. I’m going to get behind on my car loan, maybe. I’m going to get behind on my mortgage payment or my rent.”
And on the other end of the spectrum are Americans who can’t afford to pay for health care and have no way to borrow, he said. So they go without.
“It’s similar, in some ways, to ‘do you have money for a flat tire,’” said Tello Trillo, who blames the high cost of healthcare in the U.S. on the fact everything’s more expensive in the first place, administrative fees, a lack of straightforward pricing and the sophisticated level of treatments available.
Liz McCabe, who works at a dental office, says the situation is out of control.
“I have had to borrow money in the past to pay for my medical expenses,” she said. “I’m in debt making payments on medical bills. It’s an expense we have to play on every week out of our paychecks.”
In Westwood, Vicki Matton was surprised to hear the borrowing was that high.
“I absolutely think the system is broken,” she said. “The fact you work your whole life and have to pay as much as we do to get mediocre healthcare? I think that’s pretty sad.”
Bruce Warren, a father of three, said the situation is awful.
“You should not have to be in debt to be healthy in this country, period, end of story,” he said. “Universal health care is the only way we’re gonna get out of this.”
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