A new survey by Debt.com reveals that inflation is exacerbating the challenges many Americans face in paying their medical bills. The survey, which polled 1,000 Americans, highlights a significant rise in medical debt since the onset of the COVID-19 pandemic.
According to the findings, 79 percent of respondents reported that inflation has made it more difficult to pay medical bills, up from 57 percent in 2022 and 67 percent in 2023.
Additionally, the number of individuals with outstanding medical debt has surged to 66 percent, compared to 46 percent five years ago.
The survey also shows that half of the respondents now have medical debt in collections, a notable increase from 28 percent three years ago.
"Other forms of consumer debt fluctuate with the times, but not medical debt," Don Silvestri, president of Debt.com, said in a statement. "Credit cards, mortgages, and auto loans have seen their debt levels rise and fall with recessions and the pandemic. But medical debt is on a steady climb – with no end in sight."
The impact of medical debt is particularly pronounced among millennials, with 77 percent of Gen Y respondents saying they struggle with outstanding medical bills, more than any other generation. Furthermore, 62 percent of millennials have had medical bills sent to collections, and an equal percentage avoid seeking medical care due to their debt.
The survey also sheds light on the broader effects of medical debt on Americans’ lives. Thirty-six percent of respondents owe between $250 and $500, while 26 percent cite diagnostic tests as the primary source of their medical debt.
More than half, 55 percent, are on a payment plan to manage their debt. Additionally, over half of the respondents say medical debt hinders major life goals such as marriage, home ownership, and starting a family.
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