Updated: Jul 27
Discover the shocking truth about how many people are in debt because of the US healtcare system. See how the US healthcare costs are contributing to personal debt. Learn about how many Americans are struggling with medical debt and what can be done to address this issue. Lets dig deeper to find out.
How Many People are in Debt Because of US Healthcare?
The high cost of healthcare in the United States is a well-known problem that affects millions of Americans. However, what is less talked about is the impact that these high costs have on personal debt. According to a recent study by the Kaiser Family Foundation, an estimated 26% of adults in the US report problems paying medical bills, and among those who struggle with medical bills, 32% report having to cut back on basic necessities like food or clothing to pay for healthcare.
Medical Debt is a Leading Cause of Bankruptcy
Medical debt is one of the leading causes of personal bankruptcy in the US. In fact, a study by the American Journal of Public Health found that 62% of all bankruptcies in 2007 were related to medical debt. This is a startling figure that highlights the significant impact that healthcare costs can have on individuals and families.
Healthcare Costs Disproportionately Affect Low-Income Americans
While healthcare costs can impact anyone, they disproportionately affect low-income Americans. According to a report by the Commonwealth Fund, 42% of low-income adults in the US reported problems paying medical bills in 2020, compared to just 14% of high-income adults. This highlights the significant burden that healthcare costs can place on those who can least afford it.
The high cost of healthcare in the US is not just a matter of access to medical services but also has a significant impact on personal debt. Medical debt is a leading cause of bankruptcy and disproportionately affects low-income Americans. Addressing healthcare costs will require a multifaceted approach, from policy changes to increased access to affordable healthcare options. However, it is clear that something needs to be done to ensure that Americans are not forced to choose between their health and their financial well-being. That is where Forgivey.com can help.
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Disclaimer: This is not legal advice.