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Report: One in Four Americans Has More Medical Debt Than Emergency Savings

Twenty-five percent of Americans say they currently have more medical debt than emergency savings, according to a Health Insurance Pulse report from Bankrate.com.  Data from the report reflects that people who do not currently have medical debt are concerned about it. More than half of Americans (55 percent) are worried they will find themselves overwhelmed by medical debt, according to the report. Twenty-seven percent are very worried about medical debt and 28 percent are somewhat worried.  

“These results show that more than half the population feels financially insecure when it comes to healthcare,” said Doug Whiteman, a Bankrate.com insurance analyst.  Adding to the negative sentiment, the majority of Americans (55 percent) are worried they will not have affordable health insurance in the future (versus 43 percent who were either not too worried or not worried at all).

According to the report, people in their prime earning years, between the ages of 30 and 64, worry the most about medical debt and healthcare.  Eighty percent of people earning $75,000 a year or more have more emergency savings than medical debt, while just 6 percent of these high earners say their medical debt is greater. Forty four percent of those making less than $30,000 a year say they have more medical debt than emergency savings, while 30 percent in the lowest-income group say their greater amount is emergency savings.

Medical debt remains most of what is collected in the credit and collection industry, according to surveys by ACA.

International and Ernst and Young in 2010 and 2013. Healthcare-related debt accounted for nearly 38 percent of all debt collected in 2013 and 52 percent of all debt collected in 2010.  More information: http://bit.ly/1u3MT0a  or http://bit.ly/1yi0JAb

 

Last modified onMonday, 03 November 2014 17:31

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