New data reveals that 31 million U.S. adults borrowed $74 billion for medical care last year, shedding light on the financial burden of healthcare, even for those insured. A Gallup survey shows one-third of respondents are worried about incurring debt from major health events. Young adults (18-28) are most affected, while older individuals report lower borrowing rates. The increasing medical debt, projected to reach $220 billion, points to a pressing need for reform in the healthcare payment system to alleviate financial strain on families.
"What's very visible here is families are forced to take out loans and borrow to cover expensive care that is needed," Tim Lash, president of West Health, told CBS MoneyWatch. "These big numbers are concerning, but the humanity is lost in the billions and trillions as we reduce this down to what the lived experience is of the American individual and families."
To avoid taking on debt, families sometimes make tradeoffs, such as purchasing fewer groceries or not paying rent in order to get the care they need, Lash added.
There are a lot of disparities in terms of who borrows," Lash said. That's in part because Medicare, which is available to people who are 65 or older, provides enrollees with relatively comprehensive coverage.
We need reforms to find savings that can trickle down to the individual, so that t
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