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Dwindling Insurance Pushing People To Financial Brink
People who had medical expenses as part of their credit-card balances had much higher credit-card debt than those who did not. In fact, 29 percent of households reported that medical expenses contributed to their credit-card balances. Within that group, 69 percent reported a major medical expense in the past three years.
"Medical costs were key factors in higher credit-card balances among households," said Tamara Draut, director of the Economic Opportunity Program at Demos.
Among the report's other findings:
Households with medical debt had higher levels of credit-card debt than households without medical debt -- on average, 46 percent higher or $11,623, compared to $7,964.
The distribution of debt was higher among medically indebted households: 44 percent had credit-card debt in excess of $10,000, while only 26 percent of non-medically indebted households had credit-card debt above $10,000.
Among those with medical debts, young adults aged 18 to 34 had the highest level of average credit-card debt of any age group -- $13,303 compared to $7,450 for non-medically indebted young adults.
Households that were medically indebted were more likely to be called by bill collectors than non-medically indebted households, 62 percent vs. 38 percent.
Credit-card debt was high for both insured and uninsured medically indebted households -- $10,973 and $14,512, respectively. "This indicates that even those who do have health insurance aren't always protected," said Cindy Zeldin, a report co-author and federal affairs coordinator with Demos' Economic Opportunity Program.
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Did You Know?
Generally, you must report as income any amount you receive for your disability through an accident or health insurance plan paid for by your employer.
If both you and your employer have paid the premiums for the plan, only the amount you receive for your disability that is due to your employer's payments is reported as income. If you pay the entire cost of a health or accident insurance plan, do not include any amounts you receive for your disability as income on your tax return. If you pay the premiums of a health or accident insurance plan through a cafeteria plan, and the amount of the premium was not included as taxable income to you; the premiums are considered paid by your employer, and the disability benefits are fully taxable.
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