93% of Americans Who Negotiate A Medical Bill Get It Eliminated or Reduced

Rhea-AI Summary

LendingTree has released a study revealing that 60% of Americans are burdened by medical debt, with 37% currently in debt and 23% having experienced it in the past. The average medical debt ranges between $5,000 and $9,999. Major contributors to this debt include emergency visits (39%) and surgeries (26%). Furthermore, 72% of those in debt feel it hinders major life milestones, such as saving for retirement and home ownership. Notably, 93% of individuals who negotiate medical bills successfully reduce or eliminate their debt.

Positive

• 93% of Americans negotiating medical bills have their debt reduced or eliminated.
• The study highlights significant consumer awareness of medical debt and effective negotiation.

Negative

• 60% of Americans are currently facing medical debt, indicating a widespread financial burden.
• 72% of those with medical debt report it prevents them from achieving key life milestones.

CHARLOTTE, N.C., March 25, 2021 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, released its study highlighting the impact medical debt is having on Americans' finances. The survey found that medical debt is keeping Americans from achieving major personal and financial milestones. Additionally, although more than half of Americans (60%) have been burdened with medical debt, nearly everyone (93%) who negotiates a medical bill has their bill reduced or dropped altogether.

Key findings

• 60% of Americans have been in debt due to medical bills. 37% owe medical debt, and 23% have had medical debt in the past. Most consumers with medical debt owe thousands of dollars. On average, they owe between $5,000 and $9,999.
• The top drivers of medical debt are often unpredictable, unavoidable procedures. These include emergency room visits (39%), doctor or specialist visits (28%), surgery (26%), childbirth (22%) and dental care (20%).
• 72% of those who have medical debt said it prevents them from achieving key milestones. 34% said it prevents them from saving for retirement, a fifth (19%) said it's preventing them from buying a home, and 10% said it prevents them from having kids.
• Three in four people who have had medical debt tried to negotiate their bill. Nearly all of those who did negotiate (93%) had their bill reduced or dropped altogether.

To view the full report, visit
https://www.lendingtree.com/personal/medical-debt-survey/ 

Methodology
LendingTree commissioned Qualtrics to field an online survey of 1,550 Americans, conducted Feb. 19, 2021 through Feb. 22, 2021. The survey was administered using a non-probability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

We defined generations as the following ages in 2021:

• Generation Z: 18 to 24
• Millennial: 25 to 40
• Generation X: 41 to 55
• Baby boomer: 56 to 75

While the survey also included consumers from the silent generation (defined as those 76 and older), the sample size was too small to include findings related to that group in the generational breakdowns.

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student loans, insurance, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

MEDIA CONTACT:
Nelson Garcia
nelson@lendingtreenews.com
704-943-8208

View original content to download multimedia:http://www.prnewswire.com/news-releases/93-of-americans-who-negotiate-a-medical-bill-get-it-eliminated-or-reduced-301256210.html

SOURCE LendingTree.com

FAQ

What percentage of Americans have medical debt according to the LendingTree study?

According to the LendingTree study, 60% of Americans have been burdened with medical debt.

How much do Americans with medical debt typically owe?

Americans with medical debt typically owe between $5,000 and $9,999.

What are the main causes of medical debt identified in the LendingTree survey?

The main causes of medical debt include emergency room visits (39%), doctor visits (28%), and surgeries (26%).

How does medical debt affect key life milestones?

The survey found that 72% of those with medical debt say it prevents them from achieving key milestones like saving for retirement or buying a home.

What is the success rate of negotiating medical bills based on the survey findings?

The survey indicates that 93% of individuals who negotiate their medical bills have their debt reduced or eliminated.