A New York City plan to buy up medical debt for up to a half-million low- and middle-income residents could erase over $2 billion in medical bills, city officials said.
Why it matters: It marks the largest municipal effort yet to wipe out medical debt, a leading cause of personal bankruptcy and a threat to people’s health.
Details: New York is investing $18 million over three years in a partnership with the nonprofit RIP Medical Debt, which buys up medical debt in bulk on the cheap.
Photograph by Jorge Láscar / CC BY 2.0