The rising cost of healthcare, including the high pricing of drugs, coupled with the COVID-19 pandemic crisis, has instilled a sense of fear of bankruptcy in Americans, especially among minority groups.
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‘The fear of bankruptcy exists among 55% of the Americans. The fear is even higher among minority groups and young people, with nearly 64% of people of color reporting an extreme concern about their financial situation.’
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The survey found the fear of bankruptcy runs even higher for members of minority groups and younger people. Nearly two-thirds (64%) of people of color report being extremely concerned or concerned about bankruptcy, a 12% increase over last year. Fifty-five percent of adults 18 to 29-years-old share these concerns, up from 33% in 2019.Read More..
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"Rising healthcare costs continue to pose a significant threat to millions of Americans and the pandemic has only made the situation worse," said Tim Lash, chief strategy officer of West Health. "With so many Americans fearing they are but one health event away from bankruptcy, it's more urgent than ever for policy makers to finally address the healthcare cost crisis before it gets even more out of control."
Amid rising concerns about health-related bankruptcy, 15% of adults report that at least one person in their household currently has medical debt that will not be repaid - either in full or in part - within the next 12 months. This includes 12% of White adults and 20% of non-White adults. This kind of medical debt is highest among those in households with annual incomes less than $40,000 (28%).
Another 26% of Americans report that they would need to borrow money to pay a $500 medical bill - a number that grows to 43% among people of color and 46% among those living in households with annual incomes less than $40,000 per year.
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"These latest findings illustrate the widespread extent of concern about how catastrophic health events can create financial ruin and the disproportionate impact felt by non-White Americans," said Dan Witters, Gallup senior researcher. "As election season intensifies, the lived experiences and priority that Americans place on healthcare cost issues will be very hard for candidates and leaders to ignore."
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