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Over 100 Million Americans Have Medical Debt

medical debt

1.5 minute read

According to a Kaiser Family Foundation report, over 100 million Americans have medical debt, most of which comes in the form of family loans, credit card balances, or payment plans to hospitals and providers. More than half of adults in the U.S. have gone into medical debt in the past five years. One quarter of those owe more than $5,000, and 1 in 8 owe more than $10,000.

Many people don’t have the money to cover unexpected medical bills and many medical balances go unpaid. Paying these bills may lead to people making sacrifices. The report found that 63% of people had to cut spending on food and other basics, and 48% used up all or most of their savings to pay back their debt.

This suffering takes a toll on an employee’s physical well-being as well as their mental health. And when an employee suffers, the workplace does too.

Employers can help prevent medical debt among their employees by:

  • Reviewing health plans to ensure maximum affordability for all employees
  • Offering benefits to help employees manage costs, such as a health savings account or financial wellness programs
  • Conducting training to educate employees on how to be better consumers of health care

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National Insurance Services is not a law firm and no opinion, suggestion, or recommendation of the firm or its employees shall constitute legal advice. Readers are advised to consult with their own attorney for a determination of their legal rights, responsibilities and liabilities, including the interpretation of any statute or regulation, or its application to the readers’ business activities.

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Scott Fritz

Scott Fritz

Scott Fritz always has a willingness to help others, which has made him an ideal candidate for working in the public sector benefits arena throughout his career. He’s a team player and enjoys strategizing, problem solving, and finding effective cost-saving solutions for his clients. As an Employee Benefit Consultant with National Insurance Services, Scott is responsible for the overall assessment and management of an employer’s benefit plans. He is a licensed insurance agent and works with schools, cities, counties, and community mental health organizations in Michigan and North Carolina.