Undue Medical Debt Cancels $15 Billion for 10 Million Americans
Forgiving $15 billion of debt is a remarkable accomplishment in its own right, but one must consider the medical debt crisis in the United States.
$15 Billion Pardoned: Undue Medical Debt Eases Burden for Millions
Undue Medical Debt, a non-profit organization formerly known as RIP Medical Debt, has made significant strides in alleviating the burden of medical debt for millions of Americans. Since its inception in 2014, the charity has strategically bought and forgiven over $15 billion in medical bills for almost 10 million individuals across the United States. Such impactful work addresses a necessary issue because a huge number of the U.S. population bears the financial burden of healthcare costs.
The organization buys large portfolios of medical debt from hospitals, healthcare providers, and debt collectors for just pennies on the dollar, with most of the debt going unpaid and being sold for less than the original debt owed. With the help of donations, every dollar Undue Medical Debt receives is stretched into an average of $100 of medical debt relief, giving great financial assistance to those who need it most.
Regarding debt relief through Undue Medical Debt, it generally revolves around individual and family-level financial hardships. Common criteria include those at or below 400% of the federal poverty level or folks unable to pay their medical debts that amount to 5% or more of their annual income. For the eligible, it’s an automatic process, with no need to apply. The recipients then receive a notification letter informing them that the debt has been forgiven.
The impact of medical debt relief is not just immediate financial relief. Medical debt can cause significant damage to credit scores and thus access to loans, housing, and employment. With the forgiveness of this debt, Undue Medical Debt aids its recipients towards financial stability and well-being.
The work of Undue Medical Debt has earned national media attention, including mentions on Last Week Tonight with John Oliver and CBS News Sunday Morning. The national spotlight results in increased donations and awareness of the medical debt crisis in America.
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Forgiving $15 billion of debt is a remarkable accomplishment in its own right, but one must consider the medical debt crisis in the United States. Even more people continue to suffer under its weight. Organizations like Undue Medical Debt, along with recent government steps to get rid of medical debt from credit reports, are instrumental in trying to relieve this gnarly problem and be of help to those crapped out by healthcare expenses.
It has been quite a long journey for Unjust Medical Debt, having recently released information that shows over 10 million Americans are affected by its forgiveness of medical debt valued at $15 billion. The non-profit acquires debt at just pennies on the dollar and, through gifts, converts it to enormous relief for those experiencing financial hardship on account of health care costs. It provides breathing space in financial terms, improves credit scores, and addresses the pressure that medical debt tends to put on these people.
A great achievement yet means how commonplace medical debt is across America, pointing to the constant need for remedies.
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