Half of Americans concerned about bankruptcy from a health event

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A new Gallup poll from July finds that 50% of Americans were concerned that a health event in their household will result in bankruptcy. That is up from 45% last year. Concern is far higher among non-white than white adults (64% vs. 43%). One in seven American households (15%) has medical debt that they will not be able to pay in the next 12 months. Non-white adults and households with incomes under $40,000 are more likely to carry long term medical debt. Democrats and Independents are also more likely to carry debt than Republicans. One in four Americans would have to borrow to cover a $500 medical bill. Again, non-whites and lower income households are at far higher risk. One in three Americans say the price of drugs will influence their vote this year. Not surprisingly, nonwhites and people with lower incomes are most likely to care about lowering drug costs.