Medical debt is a significant concern for many individuals, regardless of age. Even young adults in Oregon are vulnerable to this financial burden despite their youth.
Several factors contribute to their susceptibility to accumulating medical debt.
Limited insurance coverage and access
One reason young adults struggle with medical debt is inadequate health insurance coverage. Many young adults may lack insurance or not have enough due to factors such as employment status. Without comprehensive insurance coverage, they may be responsible for significant out-of-pocket expenses when seeking medical treatment.
Preventive care helps people maintain good health and reduces the likelihood of costly medical interventions in the future. However, young adults may face barriers to accessing preventive care services due to lack of transportation, financial constraints or other reasons. Without timely preventive care, they may be at a higher risk of developing health issues that require expensive medical treatment.
High health care costs
About 7.3% of adults in Oregon under the age of 65 lack health insurance. Even for people with insurance coverage, co-payments, deductibles and coinsurance can quickly add up. This is often especially true for young adults who may have lower incomes or fewer financial resources. The high cost of health care services, medications and medical procedures can easily overwhelm young adults, pushing them into medical debt.
Financial independence challenges
Many young adults are establishing themselves in their careers or pursuing higher education. This makes them vulnerable to financial instability. Without stable income streams or significant savings, unexpected medical expenses can pose a significant financial strain.
Also, many individuals in this demographic may not fully understand their health insurance coverage, medical billing processes or available resources for managing medical expenses. Without adequate knowledge and awareness, they may unknowingly incur avoidable medical costs or fail to navigate billing disputes effectively.
Addressing these underlying issues is important. It can mitigate the burden of medical debt on this demographic.
