Here in New York City, Mayor Eric Adams is
launching a new plan that could wipe out hundreds of
millions of dollars of medical debt. That's according to
the New York Post, the city is partnering with
nonprofit organization R IP Medical debt which purchases debt at
a fraction of the original cost and pays it off
using donations. Typically to qualify, participants need to
make less than 400% of the federal poverty level or
have debt that exceeds 5% of their annual income.
According to the organization, medical debt has resolved nearly
$10 billion in unpaid bills.