Report

Medical debt is a huge issue in America. Poorer Americans are turning to credit cards to pay medical bills, creating more debt by rendering the medical debt invisible and subject to more fees. A national survey looked at the amount of accumulated debt for those with and without major medical expenses. Presented here is how that survey was conducted, what the findings show and recommendations for getting America out of debt. 

January 11, 2007

In This Report, You’ll Learn

  1. 1

    How credit card debt is masking medical debt in the United States.

  2. 2

    Who is affected most by large insurance company premiums and deductibles.

  3. 3

    The difference between medical debt and consumer debt.

  4. 4

    How health insurers teamed with financial institutions are creating medical debt.

  1. 5

    What can be done to stem the medical debt tide.

Key Takeaway

The trend is toward health providers promoting credit card use

To squelch defaults, some medical providers are encouraging the use of credit cards, so much so that the financial industry developed “medical credit cards” designed specifically to pay medical bills. It’s to the point that some health insurers with financial providers are offering high deductible insurance with lines of credit to meet the increased out-of-pocket expenses. Even Health Savings Account servicers are incorporating lines of credit into products.

Findings & Stats

Statements & Quotations