LendingTree conducted an online survey of 1,550 Americans ages 18 to 75 from Feb. 19- 22. Below are four of its notable findings about Americans’ medical debt:
- Sixty percent of Americans have been in debt due to medical bills, and 37 percent currently owe medical debt.
- Seventeen percent of respondents with medical debt owe less than $1,000, 31 percent owe between $1,000 and $4,999, 22 percent owe between $5,000 and $9,999, 18 percent owe between $10,000 and $19,999 and 13 percent owe $20,000 or more.
- Thirty-three percent of respondents who have paid off the medical debt did so using their savings. Twenty-three percent used credit cards, 13 percent picked up another job, 10 percent took out a medical loan, 9 percent borrowed from a friend or family member and 8 percent declared bankruptcy.
- Three-fourths of respondents who have had medical debt negotiated their bills, though older respondents were less likely to do so. Ninety-three percent of those who negotiated had their bills reduced or dropped.
More articles on healthcare finance:
Most big US hospitals are defying price disclosure rule
Mayo Clinic gets $60M from St. Paul philanthropist
MedPAC’s 2021 report to Congress: 5 takeaways
Becker’s 3rd Annual Fall Chief Pharmacy Officer Summit is the top tier event that the people leading the future of pharmacy convene. This 3-day event is built specifically for Chief Pharmacy Officers and senior pharmacy leaders. The sessions examine the workforce, financial and clinical priorities shaping pharmacy today. Becker’s is where candid discussions flourish and new ideas thrive. Becker's 3rd Annual Fall Chief Pharmacy Officer Summit
