Whether you are an older adult or a young adult, it is crucial to understand the consequences of medical debt as well as the prevalence of this serious problem. In fact, people of all ages suffer devastating health challenges that cause entire families to face financial hardships. Statistics show that many people who owe high levels of medical debt are under the age of 65.
Medical debt is often especially challenging because those who owe a lot of money are simultaneously dealing with debilitating health complications that lead to physical pain, anxiety or a lack of energy. If you are buried in medical debt, it is crucial to explore your options, including the feasibility of bankruptcy.
Looking at medical debt among people under 65
According to the Centers for Disease Control and Prevention, more than 43 million Americans under the age of 65 were in families and struggling to pay medical expenses during 2017. In fact, data shows that among children 17 and younger, 17% were in a family that had difficulty covering medical costs. Clearly, medical debt affects people of all ages and is a serious problem for many families in the U.S.
Looking at the impact of medical debt
Medical debt creates various hardships. For example, if you are worried about the cost of care or you are already struggling with medical debt, this can interfere with your ability to seek necessary medical treatment and take care of other responsibilities in your life. Many people feel very overwhelmed in this position and some develop depression, sleep problems or an anxiety disorder.