Health Care At The Cost Of Credit Card Debt

About two thirds of Americans are concerned about a serious illness saying that it could lead to a financial crisis. The random poll of 1004 Americans was conducted for creditcards.com. It was meant to examine how health care costs are leading to credit card debt.

The findings of the poll make you want to think about the health care system today. Women and lower income families are more likely to feel that a serious illness would lead to financial hardship than the average of American, 62% of whom think so.

Americans say that they would respond to medical bills of $1000 or more by tapping savings or checking accounts. In contrast lower income Americans do not see savings as a choice for health care debt as much as higher income Americans.

More than one third said that borrowing could be their answer to a medical debt. Only 3 percent said that their health insurance would fully cover a $1000 medical expense bill. There is a lot of confusion on the subject of insurance deductibles.

Many Americans are now borrowing to pay medical bills with credit cards, debit card and gift cards emerging as the leading options. According to consumer advocates, these figures point to the dire straits the system is in.