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Medical Debt Plagues Insured Americans
18 Sep
Summary
- One in three insured Americans carry medical debt.
- Hospital visits are the main cause of debt for many.
- Many cut spending on essentials to pay medical bills.
Millions of Americans with health insurance are accumulating significant medical debt. The Commonwealth Fund reports that one in three individuals with coverage through employers, the ACA marketplace, or private plans are currently paying off medical bills over time.
Hospital visits are identified as the main source of this debt, affecting nearly two-thirds of affected adults. Routine care, such as doctor's appointments and diagnostic tests, also contributes to the financial burden.
To manage these costs, many individuals resort to drastic measures. Almost half of those with medical debt owe at least $2,000. To cope, 37% have used up their savings, and 30% have reduced spending on necessities like food and rent. Another 30% have delayed or skipped necessary medical treatments.
Experts suggest consumers should carefully review bills for errors and dispute incorrect charges, despite concerns about potential credit score impacts. Negotiating payment plans with insurers and providers can also help lower out-of-pocket expenses when medical services are denied.
