Medical Debt in America According to debt.com in 2020, 56% of Americans have medical bills in collection. On average, Americans owe $5,000 in medical expenses, with an SD of $12,500. In fact, 5% of Americans owe more than $50,000 in medical bills.
1. Are the following variables qualitative or quantitative?
a. Whether or not you have medical debt: Qualitative or Quantitative
b. The amount of debt you have in medical expenses: Qualitative or Quantitative
c. Whether or not you owe more than $50,000 in medical bills: Qualitative or Quantitative
2. Are these numbers (56%, $5,000, 5%) parameters or statistics?
3. Suppose we take a random sample of 750 Americans.
a. What do you expect the sample percentage who have medical bills in collection to be?
$5,000
1.81%
$12,500
4.97%
56%
$456.44
Give or take what percentage?
1.81%
4.97%
56.5
c. What do you expect the average medical debt of the sample to be?
$456.44
$12,500
$5,000
Give or take how much?
$5,000
1.81%
$12,500
4.97%
56%
$456.44
3. A random sample of 100 Americans will be obtained to ascertain the percentage who have more than $50,000 of medical bills. We expect that the sample percentage with more than $50,000 in medical bills will be 5%, give or take 2.18%.
a. Would it surprise you to find that 8% of the sample has more than $50,000 of medical bills?
No, because 8% is within 2 Standard errors of the expected value of 5%
Yes, because it is more than $50,000 of debt is improbable
Yes, because 8% is more than 2 standard errors greater than the expected percentage of 5%
This can't be answered because the population histogram is not normally distributed
[ Select ] b. Another random sample of 500 Americans is going to be taken by a different polling agency to ascertain the percentage of Americans who have more than $50,000 of medical bills. Which sample is more accurate