There is no better way to spotlight the chronic burden of healthcare debt than how RIP Medical Debt describes the problem:
- Each day, one in two Americans choose between paying medical bills and covering basic needs.
- Over 100 million adults struggle with healthcare debt; more than $195 billion is owed nationwide.
- Nearly 50% of U.S. adults delay or skip medical care due to the high cost.
- Two-thirds of bankruptcies cite medical debt as a leading cause.
- There is a 3x likelihood that individuals with debt also have a mental health problem such as anxiety, stress, or depression.
RIP Medical Debt has converted standard collection practices into a tool to remove the onus and consequences of healthcare bills. Started by two former debt collections executives who encountered firsthand the thousands of Americans saddled with unpaid and un-payable medical debt, the national nonprofit uses donations to buy and erase large bundles of debt for pennies on the dollar with no tax consequences to either donors or recipients.
RIP Medical Debt focuses on helping Americans who earn less than four times the federal poverty level (depending on the jurisdiction and family size) or whose debts are five percent or more of their annual income. Every $100 donation relieves $10,000 in medical debt, and since RIP Medical Debt launched in 2014, they’ve eliminated more than $8.5 billion in unpaid healthcare bills for close to 5.5 million people.
This month, Rain is stepping up to “show cause” for RIP Medical Debt and its innovative approach to tackling a national crisis. We applaud their efforts and invite you to learn more on their website and through various media outlets and program that have featured the organization, including CBS Sunday Morning, where we first learned of the nonprofit and its mission:
