Americans Borrow $74 Billion to Pay Health Bills👀👀

A recent survey conducted by Gallup and West Health revealed that Americans borrowed an estimated $74 billion in 2024 to cover health care costs. According to the findings, 12% of participants reported borrowing money to pay for medical expenses for themselves or family members, with 58% of those borrowing $500 or more. The financial burden of health care has forced some people to cut back on essentials like groceries or even delay rent payments. Tim Lash of West Health described the situation as “concerning,” calling for urgent change. Despite the introduction of the Affordable Care Act in 2010, many Americans still struggle with high costs driven by factors like expensive medications, high specialist fees, and administrative expenses. The survey also showed younger adults are disproportionately affected, with borrowing most common among people aged 18 to 29. In contrast, only 2% of those over 65—many of whom receive Medicare—reported borrowing for health care, though Medicare does not cover all needs.