According to the Urban Institute, Medical debt can be a significant barrier to financial health. In 2012, nearly 30 percent of nonelderly adults said they had an outstanding, past-due medical bill. Since then, the economy has improved, and health insurance coverage has increased yet, the overdue medical debt still affects millions of people from building credit, get the health care they need, and even to afford basic needs.
Additionally, in the past forty years, medical costs have doubled, insurance copays and deductibles have spiked, and bankruptcy rates have quadrupled, creating an avalanche of medical debt. More than 60% of bankruptcies in America have medical debt as a root cause.
The problem is especially dire in Indiana. A 2017 study found medical costs are very high in Indiana and are climbing quickly.
Medical debt destroys the financial stability of large segments of America’s most vulnerable communities: the sick, the elderly, the poor, and veterans. It also targets the middle class, driving many families who are barely getting along into poverty. Medical debt is not the result of bad decisions. It is a debt of necessity.
Medical debt crisis does not just harm individuals, but it devastates entire communities, draining money, and resources that would have helped preserve local main streets and businesses. Debtors can be denied loans, apartments, and even jobs because of their credit scores, preventing them from fully succeeding in life
Vulcan Kapital has partnered with RIP Medical Debt which is a national 501(c)(3) nonprofit organization to raise awareness and funds needed to support the cause. RIP Medical Debt uses your donations to purchase bundled medical debt portfolios on the secondary debt market, and then forgives that debt at pennies on the dollar. On average, $1 is leveraged to abolish $100 in medical debt, and every donation through this page will be spent directly on abolishing medical debt in Indiana.
When debt relief recipients open the yellow envelope from RIP, they are told that their debt has been bought by a third party and erased with no strings attached. They owe nothing on the debt and face no tax penalty. A recent beneficiary wrote to us, saying:
“I read my letter over a few times to make sure it was the real thing. Receiving this debt relief renewed my faith that I can get back on track. It jump-started it – that we can do this – I can get back in the game! It’s unheard of what RIP does, and it’s a game changer in the medical world. It’s a game changer for me.”
— REAGAN, RIP MEDICAL DEBT RECIPIENT OF DEBT RELIEF
Who Is RIP Medical Debt?
RIP Medical Debt uses donations to purchase bundled medical debt portfolios that have gone through collection agencies for months or years. Using third-party credit data providers, it targets debt incurred by people facing financial hardship, and then forgives it. On average, $1 is leveraged to abolish $100 in medical debt.
Who is RIP Medical Debt? RIP Medical Debt (RIP) is a national 501c3 nonprofit organization with a mission to empower donors to forgive the billions of dollars in oppressive medical debt at pennies on the dollar. RIP locates, buys, and abolishes destructive medical debt for individuals, veterans, and families. Since inception in 2014, RIP has relieved more than $2 billion in medical debt for individuals across the U.S., impacting over 1.7 million individuals.
How Does RIP Medical Debt Work? RIP, working with third-party credit data providers, searches through large debt portfolios to locate accounts meeting their criteria for relief. RIP then negotiates to buy millions of dollars of this debt at a steep discount, usually a penny or less on the dollar.
Facts about Medical Debt
42.9 million Americans have unpaid medical bills, which creates an adverse impact on debtor patients, physicians, and hospitals (Consumer Financial Protection Bureau)
Six in 10 of both insured and uninsured people say they have difficulty in paying other bills as a result of medical debt. Over a third were unable to pay for food, heat or housing because of medical bills. (Kaiser Family Foundation & New York Times)
Nearly two-thirds of U.S. adults under age 65, or 116 million people, had medical bill problems or debt, went without needed care because of cost, were uninsured for a time or were underinsured — insured but had high out-of-pocket medical expenses or deductibles relative to income. (Kaiser Family Foundation & New York Times)
Medical debt contributes to more than 60 percent of the bankruptcies in the U.S. Until satisfied, debt lingers on a person’s credit report to negatively impact their ability to buy a home, get a loan or even gain employment. (The American Journal of Medicine)
Whose unpayable medical bills does RIP forgive?
Individuals who make less than 2 times the federal poverty level
Individuals with financial hardship -- 5% or more of their annual income goes to out-of-pocket medical expenses
Individuals who are insolvent (debts greater to their assets)
Why Donate to RIP Medical Debt?
Your dollar goes a long way! On average, $1 abolishes $100 of debt.
100 percent of your donation goes towards abolishing medical debt.
RIP Medical Debt is a 501c3 nonprofit organization, and our EIN number is 47-1442997. Donations are tax-deductible as allowed by law.
There are no tax consequences for those whose medical debts are forgiven. The forgiveness is a gift from a detached and disinterested third party (RIP) is an act of generosity, so forgiveness of the does not count as being income to the gift recipient.
RIP Medical Debt's Federal Tax ID: 47-1442997
Disclaimer: In the event that a campaign is unable to meet RIP Medical Debt's local campaign contribution goal, all funds will be attributed to our national funds for general medical debt.