Medical debt is a uniquely American problem. We are the only developed country where one diagnosis can plunge a family into poverty.
Unlike other borrowing, no one chooses medical debt. Many Americans who fall ill have no choice but to rack up debt in order to stay healthy or, in some cases, stay alive. For the underinsured and uninsured, incurring debt is inevitable. In a June 2022 survey, 40% percent of adults said they were burdened with medical debt.
The above excerpt was originally published in Fortune.
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