Americans borrowed a staggering $74 billion in 2024 to cover medical costs, according to a survey by West Health and Gallup. This financial strain disproportionately affects minority communities, with Black and Hispanic adults significantly more likely to report borrowing money for medical expenses than their White counterparts. Specifically, 23% of Black adults and 16% of Hispanic adults borrowed money, compared to just 9% of White adults.
The survey, which included 3,583 U.S. adults, reveals that younger adults, women, and racial minorities are particularly vulnerable to medical debt. Nearly one in five adults aged 18-29 borrowed money to pay for healthcare, and women under 50 were more likely to incur debt than men in the same age group. The financial burden is exacerbated by high out-of-pocket costs, despite many Americans having health insurance.
Personal stories within the survey highlight the emotional and financial toll of medical debt. One narrative describes a young Black woman who had to borrow thousands of dollars to cover unexpected medical bills, illustrating the urgent need for systemic change. The survey calls for stronger public policies to address the impacts of high-priced healthcare and prevent millions more from accumulating debt.
Addressing these disparities requires comprehensive policy reforms and increased support for minority health programs. By tackling these issues, the healthcare system can work towards reducing the financial burden on minority communities and ensuring equitable access to care.
See: “Americans Borrowed $74 Billion in 2024 to Cover Medical Costs” (March 17, 2025)
