11mo ago

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

New York City Mayor Eric Adams says the city intends to wipe out more than $2 billion in medical debt for up to 500,000 residents

You're viewing a single thread.

3 comments

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.