The Surprising Reason Why 90% of Americans Still Struggle with Medical Debt Despite Having Insurance
Medical debt is a uniquely American problem, with at least $195 billion in medical debt reported in 2019. While it was once thought that the main issue was lack of insurance coverage, the reality is that even those with insurance can face challenges paying for medical care. In fact, over 90% of the U.S. population has some form of medical insurance, yet about 40% of adults report having at least $250 in medical debt.
So why does this problem persist, despite widespread insurance coverage? One reason is that insurance plans often come with high deductibles, copays, and out-of-network charges that can add up quickly. Additionally, the cost of medical care in the U.S. is significantly higher than in other developed countries, making it more difficult for individuals and families to afford necessary treatments and procedures.
The consequences of medical debt can be severe, leading to financial insecurity and even bankruptcy. It is important to find solutions to this problem, such as advocating for more affordable and comprehensive insurance plans and supporting programs that help individuals pay off their medical debt. It is time for America to address this persistent issue and ensure that everyone has access to quality, affordable healthcare. In the meantime, you can check to find better alternatives to your existing coverage to get tax credits for you and your family, lower or eliminate your monthly premiums, deductible, and out-of-pocket expenses.