500K New Yorkers to get medical debt wiped out
New York City is taking steps to relieve a massive amount of medical debt for hundreds of thousands of New Yorkers.
The city is partnering with RIP Medical Debt to buy over two billion dollars of debt portfolios from health care providers and hospitals in the city. The President of RIP Allison Sesso was asked how the city is spending so little to wipe out so much debt.
"For for profits to make money, they have to make that cost of that debt very very low in order to make money back because frankly the people who owe the debt can't pay it."
In order to qualify, New Yorkers need to have medical debt equal to at least five percent of their income or have household income at or bellow four hundred percent of the poverty line. Those impacted will be notified by the city.