More than 30 million people took on $74 billion of debt to pay for healthcare last year, according to the results of a nationwide survey released yesterday. The findings reveal striking differences by age, gender, and race, suggesting that younger adults and minority communities bear a disproportionate share of the burden.
By the numbers
- Borrowing prevalence: Twelve percent of respondents reported borrowing money for healthcare expenses. Among those aged 18-29, that rate jumped to 18%. By contrast, only 9% of adults aged 50-64 and 2% of those 65 and older needed loans for medical bills.
- Gender gap: Women under 50 were more likely than men to borrow (20% vs. 14%). Women aged 50-64 were also twice as likely as men in that age range to take on medical debt.
- Racial and ethnic disparities: Black (23%) and Hispanic (16%) adults reported borrowing at higher rates than White adults (9%), with particularly wide gaps for those younger than 50.
- Household responsibilities: Adults with children under 18 in the home were twice as likely to borrow (19%) as those without kids (8%).
More details
- Amount borrowed: Nearly six in 10 who borrowed needed at least $500, while 38% borrowed less than $500. Adults 50 and older who took on debt tended to require larger sums — about half needed $3,000 or more. Younger adults typically borrowed less, with a median of $300 for those aged 18-29.
- Lingering fears: Beyond those who actually borrowed, 58% of all survey respondents remain concerned they would rack up medical debt if faced with a major health issue. Nearly half of adults 65 and older share that worry, indicating that even Medicare recipients don’t feel fully protected.
