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Fact of the Week: 12 August 2013

fact of the week

New Health Expenses Increase Debt of Older Adults

Among persons aged 50-64, "new health events increase unsecured debt by 6.3% ($230) to 9.3 % ($339); approximately 20% of the increase in unsecured consumer debt comes from out-of-pocket expenses when experiencing new health events," according to a 2012 analysis of Health and Retirement Study data.

Kim, H., Yoon, W., & Zurlo, K. A. (2012). Health shocks, out-of-pocket medical expenses and consumer debt among middle-aged and older Americans. Journal of Consumer Affairs, 46(3), 357-380.

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