- A new report from the Kaiser Family Foundation (KFF) and the Peterson Center revealed that Americans owe at least $195 billion of medical debt. The bulk of the debt (71 percent) is owed by people with over $10,000 in debt. The financial burden falls disproportionately on people with disabilities, those in generally poor health, Black Americans, and people living in the South or in non-Medicaid expansion states. A second KFF analysis found that part of the reason why medical debt is so high is because many Americans don’t have enough savings to pay their deductibles and other out-of-pocket costs. Sixteen percent of privately-insured adults say they would need to take on credit card debt to meet an unexpected $400 medical expense, while seven percent would borrow money from friends or family. (Report here; Analysis here)
March 11, 2022
Payers