Medical Debt in America

Medical debt is a problem for millions of Americans today. A reported 41 percent of U.S. adults are saddled with bills from hospitals and doctors' offices as well as those for prescription drugs and other health care needs. An estimated $140 billion in overdue medical debt is in collections. Analysts say America's medical debt problem is unparalleled in the developed world. President Biden, Congress and the major credit reporting agencies have taken steps to reduce the impact of medical debt on personal finances. But some activists say more needs to be done — including having the government cancel medical debt, which they say results from the nation's inadequate and overpriced health care system rather than personal failing. Critics say such a move would only encourage more medical debt, spur higher costs and tilt U.S. health care further toward serving only wealthy patients.