Guiding You Toward A Brighter Financial Future

Who is most likely to struggle with medical debt?

On Behalf of | Mar 31, 2020 | Medical Debt

It’s no secret that healthcare costs are extremely high in the United States – and paying medical bills can be difficult. In fact, one in four Americans has struggled to pay a recent medical bill.

While anyone could struggle with medical bills and debt, certain groups are more likely to. Here are several statistics to show what the average person who has medical debt looks like:

  • About 55% of people who experience bankruptcy due to medical debt are not married.
  • The average age of someone experiencing bankruptcy due to medical debt is 44 years old.
  • Roughly 60% of people who experience bankruptcy due to medical debt are college-educated.
  • The average monthly income for people who experience bankruptcy due to medical debt is about $2,500.
  • Over half of people with medical debt don’t have any other type of debt.

The repercussions of high medical bills and debt

Due to expensive medical services, Americans may skip out on needed healthcare. Over 30% of adults under 65 have put off going to the doctor because of the cost, and 40% of adults under 65 have settled for over-the-counter medication to avoid medical bills. This can be risky for your health because you may not be getting the treatment you need in a timely manner.

The stress of medical debt can lead to a lack of sleep, high blood pressure and headaches. It can also take a toll on your mental and emotional health. You may find yourself feeling increasingly anxious or depressed.

While dealing with medical debt can feel overwhelming, you are not alone. Millions of Americans have a hard time paying their medical bills. If you have any questions concerning your debt, you may reach out to an experienced Tennessee bankruptcy attorney.