Older adults, most of whom are well-insured, are among the millions of Americans who experience problems with reporting and collection of inaccurate medical bills. In 2020, nearly four million adults ages 65 and older reported having $53.8 billion in unpaid medical bills despite 98 percent of them having health insurance coverage. Nearly 70 percent of these older adults reported having medical insurance coverage from two or more sources.
The CFPB released an Issue Spotlight that describes how the medical billing system can leave older adults with inaccurate bills, collection, and credit reporting on amounts they do not owe. These challenges can be particularly difficult for older adults, especially those who face health issues, functional limitations, or live on a fixed income.
Learn more about how the CFPB is addressing issues surrounding medical debt. For more CFPB information and resources for older adults visit consumerfinance.gov/olderamericans.
