Charted: Medical debt in America

Medical bills are the largest source of debt owed to collection agencies in the United States, according to a study published in JAMA that examined millions of credit reports from TransUnion. In total, the researchers estimated that Americans owed around $140 billion in medical debt in 2020. The study noted that the projection was limited to the debt reported to TransUnion.

According to a Census Bureau analysis released last April, about 19% of U.S. households have medical debt. Furthermore, a recent survey from Discover Personal Loans found that 53% of individuals with existing medical expenses said the pandemic caused them to take on new medical debt. Americans with medical debt also reported being more anxious about their ability to pay off their health care expenses than getting better (63% vs. 47%, respectively).

In addition, the survey found that 80% of those with existing medical debt have postponed medical care due to cost during the pandemic. The most commonly deferred care was routine checkups, followed by medication purchases and preventive testing.

www.advisory.com/daily-briefing/2022/02/09/medical-debt

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