62% of Americans would go broke if they got seriously sick

62% of Americans agree that either they or their family would face a financial hardship if they experienced a serious illness. Women (66%) and lower income families earning less than $30,000 (73%) are even more likely to feel this way. If hit with medical bills greater than $1,000, nearly half (49%) of Americans say they [...]

62% of Americans agree that either they or their family would face a financial hardship if they experienced a serious illness. Women (66%) and lower income families earning less than $30,000 (73%) are even more likely to feel this way. If hit with medical bills greater than $1,000, nearly half (49%) of Americans say they would tap savings or checking accounts to pay their debts. Those with less income, however, were far less likely to see savings as a choice for health care debt. 38% would resort to some form of borrowing to pay medical debts, either through an installment payment plan (10%), a credit card (9%), borrowing from friends or relatives (8%), a short-term loan from a bank or credit union (8%) or borrowing from 401(k) retirement accounts (3%). 3% say their health insurance would fully cover a sudden $1,000 medical bill. 40% of Americans say they know the amount; 50% admit not knowing and the rest weren’t sure or declined to answer.

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