More than 10,000 people in Appalachia will sigh with relief this month after 2 donors from the region helped nonprofit RIP Medical Debt purchase and forgive $10M of medical debt.
More than 10,000 people in Appalachia will sigh with relief this month after two donors from the region helped nonprofit RIP Medical Debt purchase and forgive $10 million of medical debt. But it's just a drop in the bucket of the $88 billion of medical debt racked up in the United States over the past year.
The 10,000 people affected are sprawled across 70 counties in West Virginia, Virginia and Kentucky. The nonprofit is unable to pinpoint individuals, but is able to purchase groups of people's debt in bulk from the debt market, which they did in this case. “Having better access to insurance has been helpful to reduce the amount of uncompensated care, but from a consumer perspective, medical debt is still a major problem,” Bosco said.
RIP Medical Debt has now identified $240 million of medical debt in the counties of Appalachia as defined by the Appalachian Regional Commission, and they hope to target that block specifically in the future. It’s the same system that has forced people to turn to GoFundMe to pay for their medical bills. The crowdsourced fundraising site sees more than 250,000 medical campaigns per year and raises more than $650 million for those campaigns annually, Bosco said.
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