In a striking reflection of the escalating cost of healthcare, a recent Gallup poll indicates that approximately 31 million Americans collectively borrowed around $74 billion to manage their medical expenses in 2024. These findings come from a survey conducted by Gallup and West Health, a nonprofit organization focused on healthcare reforms.

Demographic Variations in Borrowing

The survey, which included responses from over 3,500 individuals between November 11 and November 18, 2024, unveiled notable differences in borrowing patterns across age groups.

• 18% of young adults aged 18 to 29 reported needing to borrow funds for healthcare, paralleling results from adults aged 30 to 49.
• In contrast, only 9% of individuals aged 50 to 64 and a mere 2% of those 65 and older stated they had to incur debt for medical needs.

Borrowing Amounts and Trends

About 58% of respondents indicated that they borrowed at least $500 for medical expenses, while 38% borrowed less than this amount, contributing to the total of $74 billion noted in the survey.

Gender differences were also apparent, with 51% of men borrowing $1,000 or more compared to 36% of women. Additionally, half of the respondents aged 50 and older reported borrowing $3,000 or more within the past year, while younger demographics borrowed smaller amounts—$750 among those aged 30 to 49 and $300 among young adults aged 18 to 29.

Concerns Over Medical Debt

Medical debt continues to be a significant source of anxiety among the population. A majority of the respondents, totaling 58%, expressed concerns that a major health incident could lead to personal financial strain due to medical expenses.

Specifically, 28% reported being “very concerned,” reflecting widespread unease surrounding potential medical debt.

• 52% of seniors aged 65 and older expressed similar worries.
• Concern levels were notably higher among minority groups, with 62% of African Americans and 63% of Hispanic Americans feeling anxious about medical debt, compared to 56% of White Americans.
• Women reported concerns at a rate of 62%, surpassing the 54% of men who shared similar anxieties.

Income and Medical Debt Perceptions

Concerns over medical debt are prevalent even among those with higher incomes. Over 60% of respondents from households earning up to $120,000 worry about potential medical debts. However, the anxiety diminishes with rising income, as 40% of those earning $180,000 or more still express concerns about incurring medical debt.