Medical debt and the potential lack of health insurance are cause for considerable concern for many Americans. And the lower one's household income, the greater the concern is.
Those are key findings from a study by online content provider Bankrate.com, which surveyed more than 1,000 consumers about the state of their medical finances.
See also: Medical bills strain 1 in 4 families
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More than half of those polled—55 percent—told Bankrate.com they were "either very worried or somewhat worried that they might find themselves overwhelmed by medical debt." The same percentage said they worried about not being able to afford health insurance. Already, 25 percent of those surveyed are essentially overwhelmed by medical debt. They said their current level of medical debt is greater than their emergency savings.
Those earning $30,000 a year or less are in the worst straits with 44 percent saying they had more medical debt than emergency savings. Those who make $75,000-plus a year are, not surprisingly, in much better shape. Only 6 percent of these folks said their medical debt outstripped their emergency savings.
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Families in general face challenges balancing medical debt and emergency funds, the survey found: 34 percent of parents with children under 18 say they have more medical debt than emergency savings, compared with 22 percent of respondents without children at home.
"These results show that more than half the population feels financially insecure when it comes to health care. This is an issue that affects consumer confidence and the broader economy," said Bankrate.com insurance analyst Doug Whiteman.
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Dan Cook
Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.
