Millions of Americans Are Borrowing to Stay Healthy

 

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Imagine having to choose between your health and your financial stability. This isn’t just a thought experiment for millions of Americans—it’s a daily struggle. A recent Gallup and West Health study reveals a shocking truth: approximately 31 million Americans borrowed an estimated $74 billion in the past year to cover medical bills for themselves or a loved one. That’s a jaw-dropping figure that exposes a deep crack in our healthcare system—the crushing weight of medical debt. But here’s the kicker: this burden doesn’t hit everyone the same way. Younger adults, women, and racial/ethnic minorities are disproportionately forced to borrow to afford care. Let’s break it down:

• Nearly 1 in 5 adults aged 18-29 (18%) reported borrowing money for healthcare, compared to just 2% of those 65 and older.
• Women under 50 were more likely to borrow than men in the same age group (20% vs. 14%).
• Black adults (23%) and Hispanic adults (16%) were far more likely to borrow than White adults (9%).

These disparities paint a troubling picture of a system leaving some communities more vulnerable than others. Check out these graphs from the study to see how borrowing varies across age and race/ethnicity: Borrowing Rates by Age Group: Nearly 18% of adults aged 18-29 borrowed money for healthcare, dropping to 2% for those 65+. Borrowing Rates by Race/Ethnicity: Black adults (23%) and Hispanic adults (16%) borrow at higher rates than White adults (9%).

 

 

These numbers aren’t just data points; they’re stories of real people facing impossible decisions. Consider a young parent weighing a child’s doctor visit against paying rent. Or an older adult on a fixed income, borrowing to bridge gaps Medicare doesn’t cover. The financial strain only amplifies the pain of illness or injury. And it’s not just those borrowing who feel the pressure. The study found that 58% of Americans are worried that a significant health event could plunge them into medical debt. This fear spans all walks of life:

• 62% of Black adults and 63% of Hispanic adults express concern, compared to 56% of White adults.
• Women (62%) are more anxious about this than men (54%).
• Even in households earning $180,000 or more, 40% still worry about medical debt.

Here’s a graph showing how concern about medical debt varies by age:

Concern About Medical Debt by Age: Younger adults under 65 report higher concern (around 60%) than those 65+ (52%). The reality is stark: medical debt isn’t just a problem for the poor or uninsured. A pervasive fear haunts Americans at every income level and life stage. Even those with Medicare—typically adults 65 and older—aren’t fully shielded, with over half (52%) still concerned about costs. Why? Gaps in coverage, like long-term care, leave many exposed.

So, what’s the fix? The study indicates a clear need for more assertive public policy to tackle sky-high healthcare costs. Without action, millions will either rack up debt or skip care altogether, risking their health to save their wallets. Younger adults, families, and minorities are bearing the brunt today—but this could be any of us tomorrow. Healthcare shouldn’t be a financial gamble. It’s time to push for a system where no one has to borrow to stay healthy. Let’s advocate for policies that make care affordable and accessible for all. What do you think—how can we turn these numbers into meaningful changes?

 

Citation

Maese, E., & Witters, D. (2025, March 5). Americans borrow estimated $74 billion for medical bills in 2024. Gallup. https://news.gallup.com/poll/657041/americans-borrow-estimated-billion-medical-bills-2024.aspx