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A staggering number of Americans—more than 31 million—were forced to borrow a total of $74 billion last year to cover health care costs, according to a recent survey conducted by West Health and Gallup. The findings highlight the financial strain that medical expenses continue to place on individuals and families, even those with health insurance.
The survey reveals that nearly one-third (28%) of Americans are “very concerned” that a major health event could push them into debt. This concern is widespread across demographics but is particularly pronounced among younger adults, women, and people of color.
Disparities in Medical Debt
The study found that younger Americans were more likely to borrow money for medical expenses than older adults. Nearly 20% of respondents under the age of 50 reported needing financial assistance, compared to just 9% of those between 50 and 64. Among individuals over 65—most of whom qualify for Medicare—only 2% had to take out loans for health care.
Gender disparities were also evident, with women between the ages of 50 and 64 being twice as likely as men in the same age range to report borrowing money (12% vs. 6%).
Additionally, the survey uncovered significant racial disparities. Black adults (23%) and Hispanic adults (16%) were more likely to have borrowed money for health care than white adults (9%). The discrepancy was even greater among those under 50, with 29% of Black adults and 19% of Hispanic adults borrowing money, compared to 14% of white adults.
Families with Children Face Greater Financial Burden
Households with children under 18 were particularly vulnerable to medical debt, with 19% reporting they had to borrow money, compared to just 8% of households without children.
Among all borrowers, more than half (58%) took out loans of $500 or more, while 41% borrowed at least $1,000. Fourteen percent of respondents reported borrowing $5,000 or more to cover medical expenses.
Widespread Concern Over Medical Debt
Beyond those who had already borrowed, a significant portion of the population expressed concern about future medical costs. Fifty-eight percent of Americans said they were at least somewhat worried that a major health event could land them in debt, including 28% who were “very concerned.”
Concern over medical debt was widespread across income levels. More than 60% of households earning less than $120,000 per year reported being worried about health care costs, while even 40% of households making over $180,000 expressed concerns.
Even Medicare eligibility did not completely alleviate fears—52% of adults aged 65 and older said they were at least somewhat concerned about medical debt.
Calls for Reform
Experts argue that the findings emphasize the urgent need for health care policy reform. Tim Lash, President of the West Health Policy Center, noted that the high cost of care forces many Americans to take out loans or make difficult trade-offs just to maintain their health.
“A high-priced health care system that requires Americans to take out loans or make painful trade-offs just to stay healthy is in desperate need of policy reform or things will get even worse,” Lash said.
Dan Witters, director of well-being research at Gallup, echoed these concerns, stating that financial insecurity around health care is not limited to one demographic but is a widespread issue affecting millions of Americans.
Survey Methodology
The West Health-Gallup survey was conducted online from November 11–18, 2024, with a nationally representative sample of 3,583 U.S. adults aged 18 and older. The survey has a margin of sampling error of ±2.1 percentage points at a 95% confidence level.
Disclaimer: This article is based on findings from a survey conducted by West Health and Gallup. While efforts have been made to ensure accuracy, survey-based research is subject to limitations, including sample representativeness and self-reported data biases. Readers are encouraged to consult additional sources for a comprehensive understanding of health care affordability in the U.S.
