May 31, 2023

Older Adults & Medical Debt

In 2020, four million adults aged 65 and older reported having $53.8 billion in unpaid medical bills, despite 98% of them having health insurance coverage. On May 30, the Consumer Financial Protection Board released an Issue Spotlight describing how the medical billing system can leave older adults with inaccurate bills, collection, and credit reporting on amounts they do not owe. The brief notes that these challenges are particularly difficult for those with health issues, functional limitations, or living on fixed incomes.