Author: West Health Institute
Published: 2025/03/05
Publication Type: Reports & Proceedings
Topic: U.S. Medicare System – Publications List
Page Content: Synopsis – Introduction – Main – Insights, Updates
Synopsis: Survey finds 31 million Americans borrowed $74 billion for healthcare in 2024, highlighting widespread medical debt concerns despite insurance coverage.
Why it matters: This report from a West Health-Gallup survey reveals the staggering reality that 60% of Americans had to borrow over $500 for healthcare in 2024, with 12%-over 31 million people-taking out loans totaling $74 billion, even though most had insurance. It’s eye-opening and useful because it shines a light on how medical debt worries cut across age, race, income, and gender, hitting younger adults, women, Black and Hispanic individuals, and parents especially hard. For people with disabilities, seniors, or anyone managing chronic conditions, these findings highlight the real risk of financial strain from a broken healthcare system, making it a critical read for understanding why reform matters to so many – Disabled World (DW).
Introduction
60% of Americans Had to Borrow Over $500 for Healthcare in 2024
West Health-Gallup survey finds millions worried about medical debt with more than 31 million Americans (12%) reporting needing to borrow about $74 billion last year to pay for healthcare despite most having some form of health insurance, according to a new survey from West Health and Gallup.
Main Item
Nearly one-third (28%) report being “very concerned” that a major health event could throw them into debt.
The survey found almost 20% of Americans aged 49 and under needed to borrow money to cover medical costs compared with just 9% of those 50 to 64.
Women between the ages of 50 and 64 were twice as likely as men in the same age group to say they had to borrow (12% vs. 6%). Two percent of Medicare-eligible adults (those over the age of 65) reported having to borrow.
“Too many Americans are racking up medical debt whether they have health insurance or not,” said Tim Lash, President, West Health Policy Center, part of West Health, a family of nonprofit organizations focused on healthcare and aging. “A high-priced healthcare system that requires Americans to take out loans or make painful tradeoffs just to stay healthy is in desperate need of policy reform or things will get even worse.”
Black (23%) and Hispanic adults (16%) were significantly more likely to report having borrowed money than White (9%) adults.
The biggest disparities were found among adults under the age of 50.
Black adults aged 18-49 (29%) were the biggest borrowers followed by Hispanic adults (19%) and White adults (14%) in the same age range.
Americans with children under the age of 18 were twice as likely to report borrowing compared to households with no children (19% vs. 8%).
Continued…
Breakdown of Borrowing
Americans collectively borrowed about $74 billion to pay for healthcare last year, with more than half (58%) borrowing $500 or more and 41% borrowing $1,000 or more.
Fourteen percent borrowed $5,000 or more.
Concerns Over Medical Debt Across Age, Race and Income
Most Americans (58%) report being at least somewhat concerned that a major health event could land them in debt, including 28% who say they are “very concerned.”
Concerns span income levels, with more than six in 10 households with annual incomes under $120,000 worried.
Fewer higher earners were concerned, but 40% of households making over $180,000 report they too have concerns.
Even with Medicare eligibility, more than half (52%) of people aged 65 or older say they are at least somewhat concerned they could go into medical debt if they suffered a major health event.
Concerns also run high among Black adults (62%), Hispanic adults (63%) and women (62%). Only 14% of respondents say they are not concerned at all.
“It is clear that high healthcare costs continue to burden the American people, and financial insecurity around care is not limited to any one demographic,” said Dan Witters, director of wellbeing research at Gallup. “These findings underscore the need for solutions that make healthcare more affordable for all Americans.”
Methodology
The West Health-Gallup Survey was conducted via web Nov. 11-18, 2024, with a nationally representative sample of 3,583 U.S. adults aged 18 and older. The margin of sampling error is ±2.1 percentage points at the 95% confidence level.
Editorial Note: This survey’s results serve as a stark reminder of the ongoing healthcare affordability crisis in the United States. The fact that even households with higher incomes express concern about potential medical debt underscores the pervasive nature of this issue. Furthermore, the disparities revealed among different age groups, racial backgrounds, and genders highlight the need for targeted interventions to address healthcare inequities. The West Health-Gallup survey paints a stark picture of a healthcare system that leaves millions financially vulnerable, regardless of insurance coverage. When routine medical expenses push people into debt, it signals a system in crisis-one that demands meaningful reform. Until systemic changes occur, Americans will continue making impossible financial choices between their health and their financial security. As the debate on American healthcare reform continues, this report provides crucial evidence to support the argument for systemic changes that could alleviate the financial strain on Americans seeking medical care – Disabled World (DW).
Attribution/Source(s): This quality-reviewed publication was selected for publishing by the editors of Disabled World (DW) due to its relevance to the disability community. Originally authored by West Health Institute and published on 2025/03/05, this content may have been edited for style, clarity, or brevity. For further details or clarifications, West Health Institute can be contacted at westhealth.org NOTE: Disabled World does not provide any warranties or endorsements related to this article.
Citing and References
Disabled World (DW) is a comprehensive online resource providing information and news related to disabilities, assistive technologies, and accessibility. Founded in 2004 our website covers a wide range of topics, including disability rights, healthcare, education, employment, and independent living, with the goal of supporting the disability community and their families.
Cite This Page: West Health Institute. (2025, March 5). 60% of Americans Had to Borrow Over $500 for Healthcare in 2024. Disabled World (DW). Retrieved March 6, 2025 from www.disabled-world.com/medical/healthcare/us-medicare/bad-system.php
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