An estimated 530,000 American families file for bankruptcy each year due to medical issues, including huge bills and loss of income. Nonprofit RIP Medical Debt is trying to bring an end to that.
An estimated 530,000 American families file for bankruptcy each year due to medical issues, including huge bills and loss of income.
Nonprofit RIP Medical Debt is trying to bring an end to that.
The organization has wiped out more than $7 billion in medical debt by purchasing it for pennies on the dollar and then simply forgiving what is owed.
Eva Stahl, the organization’s Vice President of Policy, discussed the program and the former patients helped by it.
Stahl says the organization was started by two debt collectors who decided to leverage the system in a way that helps those struggling with loads of medical debt.
“If you think about it, earlier this year there was a survey that said almost 100 million nationwide struggle with medical debt,” Stahl said. “It’s important to understand that medical debt is an ‘everyone issue,’ but if you peel back the layers a little bit and look at the data, it doesn’t affect everyone equally.”