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U.S. Health Costs Hit $5.3 Trillion, 100 Million in Medical Debt

U.S. health expenditures hit $5.3 trillion in 2024, with 100 million Americans in medical debt. Learn about the crisis and expert solutions to curb costs.

This news matters because it highlights a critical and worsening financial crisis affecting a vast portion of the U.S. population. With health spending at 18% of GDP—double the average of other developed nations—and 100 million Americans burdened by medical debt, the issue directly impacts household finances, economic stability, and access to care. The failure to extend ACA subsidies has increased insurance premiums, compounding the problem. Without systemic reform to curb costs, this trend threatens to deepen inequality, reduce disposable income, and strain public resources, making it a pressing concern for policymakers, businesses, and every citizen facing rising healthcare expenses.