Fully half of Americans now carry medicaldebt, up from 46% in 2020, according to new data from Debt.com, a consumer financial education company. More than half of Americans with medicaldebt owe at least $1,000, driven by diagnostic tests, hospitalizations, and emergency room visits.
Though more people reported having medicaldebt compared to last year, less than half (46%) said their bills were in collections this year, down from 56% in 2020. Despite the decrease, a recent JAMA study showed that debt collectors hold $140 billion in medicaldebt, not including credit card balances and unpaid medical bills that haven’t hit consumers’ credit reports.
With those categories included, Americans may actually owe as much as $1 trillion in medicaldebt, according to Allison Sesso, executive director of RIP MedicalDebt, a nonprofit organization that buys consumer debt from healthcare providers or aggregators for pennies on the dollar.
Read the full story on Forbes: forbes.com/sites/debgordon/2021/10/13/50-of-americans-now-carry-medical-debt-a-new-chronic-condition-for-millions/?sh=6381bb245e5d
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