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Even those with health insurance, more than half of Americans have medical debt—why. here's

According to a new survey, a quarter of Americans owe $10,000 or more in medical debt, despite the fact that half of them have health insurance that is designed to reduce exorbitant health-care expenditures.

From a list of survey alternatives, emergency department visits were chosen by 46 percent of respondents with medical debt as the primary cause of their debt. According to a study of 1,250 Americans conducted by Affordable Health Insurance, little over 30% of respondents also chose COVID-19 treatment, and 23% chose mental health treatment.

Around 55% of all respondents admit they have medical debt of some form, and that it interferes with their other financial goals. In fact, over half of those with medical debt say it has hindered them from purchasing a home or putting money down for retirement.

When it comes to medical bills, health insurance doesn't appear to make a difference.

According to the report, having health insurance doesn't seem to make much of a difference in whether or not you have to take on medical debt—it just limits how much debt you can owe.

According to the survey, 69 percent of people who pay for their own health insurance, 61 percent of people who have policies via their work, and 59 percent of people who don't have any health insurance reported medical debt.

Deductibles are one reason why persons with health insurance appear to be more likely to be in debt than those without it.

"Most standard insurance plans have a high deductible, whether that coverage is from the marketplace or from the employer," says Noor Ali, a health-care counsellor and medical doctor, in a blog post accompanying the poll. Before the insurer will pay any benefits, you'll have to spend X amount of money out of pocket.

According to a recent Kaiser Family Foundation survey, the most common way for people to get health insurance is through their employer, which has an average annual deductible limit of $1,669 for individual plans, though that number rises to $2,379 for people who work in companies with fewer than 200 employees.

According to a 2020 research by the health insurance broker eHealth, the average annual deductible for individual coverage under the Affordable Care Act marketplace plans, popularly known as Obamacare, was $4,364.

It's not simple to strike a balance between monthly rates and deductibles.

Many people prefer high deductible plans because they typically have cheaper monthly premiums, which can save them hundreds of dollars.

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