From the article: ... Note that it's mostly uncollectible, so that $2 billion number is pretty much a myth. Still, I'd guess that $18 million will put quite a few debt collectors out of work,...
From the article:
The city is working with RIP Medical Debt, a nonprofit that buys medical debt in bulk from hospitals and debt collectors for pennies on the dollar. The group targets the debt of people with low incomes or financial hardships and then forgives the amounts.
Under the program, the city will spend $18 million over three years.
...
Though New York City is facing financial strains, Adams said the $18 million commitment over three years is a great investment for the city.
“If you are able to ... save $2 billion in debt, that $2 billion trickles down to those households, who are not going to fall into our safety net,” he said. “They’re not going to fall into our homeless system.”
Note that it's mostly uncollectible, so that $2 billion number is pretty much a myth. Still, I'd guess that $18 million will put quite a few debt collectors out of work, which is probably a good thing.
Man medical debt is so incredibly depressing. I'm glad its being canceled for at least some people; but I really wish we could go after the source of the problem instead of just treating the...
Man medical debt is so incredibly depressing. I'm glad its being canceled for at least some people; but I really wish we could go after the source of the problem instead of just treating the symptoms. Medical costs even for simple procedures in this country are disgusting and nonsensical.
From the article:
...
Note that it's mostly uncollectible, so that $2 billion number is pretty much a myth. Still, I'd guess that $18 million will put quite a few debt collectors out of work, which is probably a good thing.
Man medical debt is so incredibly depressing. I'm glad its being canceled for at least some people; but I really wish we could go after the source of the problem instead of just treating the symptoms. Medical costs even for simple procedures in this country are disgusting and nonsensical.