With U.S. medical debt standing at $140 billion, medical bills are now the largest source of personal debt — it exceeds all other sources of debt combined. Despite 92% of Americans having health insurance, according to the U.S. Census Bureau, these healthcare plans do not always offer protection when dealing with the average American’s income.
According to LendingClub Corporation, over half of Americans live paycheck to paycheck, while GoBankingRates estimates that nearly 70% of Americans have less than $1,000 in their savings. Yet, UnitedHealthcare, the largest healthcare insurance company in the U.S., reports that the average emergency room visit will cost $2,200.
