Twelve percent of U.S. adults reported borrowing money for health care in the past year, with disparities evident across demographic groups, according to a recent West Health-Gallup Survey. Results of the survey, conducted in November 2024, helped investigators to estimate that approximately 31 million Americans borrowed a collective $74 billion to cover medical expenses in 2024.

Key Findings

The survey of 3,583 U.S. adults found that 12% of Americans borrowed money to pay for health care for themselves or household members. Of those who borrowed, 58% reported borrowing $500 or more, while 38% borrowed less than $500.

The financial burden varied significantly by age, with younger Americans more likely to incur medical debt. Approximately 18% of adults aged 18 to 29 years reported borrowing for health care expenses, compared with 17% of those aged 30 to 39 and 16% of adults aged 40 to 49. These rates sharply contrast with just 9% of Americans aged 50 to 64 and only 2% of those 65 and older needing to borrow money for their health care expenses.

Demographic Disparities

Black adults (23%) and Hispanic adults (16%) were significantly more likely to report borrowing money than White adults (9%). Among adults under 50, 29% of Black adults reported borrowing for health care compared with 19% of Hispanic adults and 14% of White adults.

Women younger than 50 were more likely than men in the same age group to borrow money (20% vs 14%). Women aged 50 to 64 were twice as likely as men to report borrowing (12% vs 6%). Americans with children under the age of 18 in their household were twice as likely to report borrowing compared to those without children (19% vs 8%).

While men were less likely to borrow for health care, they typically borrowed larger amounts when they did—the survey found 51% of men borrowed $1,000 or more, compared with 36% of women borrowing at that rate.

Age also played a significant role in the amount borrowed. "The amount borrowed increases dramatically with age. Half of adults 50 and older who report borrowing money to pay for health care in the past 12 months borrowed approximately $3,000 or more. In contrast, the median amount was $750 for adults aged 30 to 49 and $300 for young adults aged 18 to 29," wrote the report authors.

Although reports of borrowing are much less common among adults 65 and older (just 2% in the past year), the relatively high sums older adults report borrowing may reflect critical gaps in Medicare eligibility or coverage, such as long-term care coverage.

Anxiety Around Debt Reported

The survey also revealed widespread anxiety about potential future medical debt. A majority of those surveyed—58%—expressed concern that a major health event could lead to personal medical debt, with 28% categorizing themselves as "very concerned."

Despite Medicare eligibility for most Americans 65 and older, 52% of respondents in this age group reported being "somewhat concerned" or "very concerned" about potential medical debt from a major health event. Investigators suggested these concerns "may reflect recent or impending cuts to Medicare funding, or long-standing deficiencies in Medicare coverage."

Demographic patterns in concern mirrored actual borrowing rates. Sixty-two percent of Black adults and 63% of Hispanic adults expressed concern about facing medical debt, compared with 56% of White adults. Women reported higher rates of concern than men—62% vs 54%, respectively. More than 60% of Americans in households earning up to $120,000 annually reported concerns, but even among those with annual household incomes of $180,000 or more, 40% expressed concerns about medical debt.

The authors of the report concluded with outlining significant policy implications: "The findings suggest that stronger public policy is needed to address the impacts of high-priced health care; without such changes, millions more may accumulate debt or be forced to make painful tradeoffs about seeking health care."

The West Health-Gallup Survey was conducted online November 11–18, 2024, using the Gallup Panel, with a sample of 3,583 U.S. adults.