New York City plans to wipe out $2 billion in medical debt for 500,000 residents

Five@slrpnk.net · 10 months ago

New York City plans to wipe out $2 billion in medical debt for 500,000 residents

cosmic_slate@dmv.social · 10 months ago

deleted by creator

Midnitte@beehaw.org · 10 months ago

What’s more insane is how there’s even a market to buy this debt for pennies on the dollar.

Private insurance was a mistake.

TheForkOfDamocles@beehaw.org · 10 months ago

Seems like I should be able to buy my own medical debt for pennies on the dollar.

DonQuixote@beehaw.org · 10 months ago

Make no mistake, organizations such as RIP Medical Debt are making a difference. I dug into their 990s and annual reports and determined that there is a substantial cost to delivering this boon to those in need. In 2022, 1.77 billion in debt was reported abolished. The purchased cost of that debt was 6 million. Additional operating expenses for the organization were 1.7 million.

Source. https://ripmedicaldebt.org/wp-content/uploads/2023/07/2022_FINANCIAL_STATEMENT_AND_AUDITOR_REPORT.pdf

More needs to be done for medical cost reduction in our nation.