Local communities are buying medical debt for pennies on the dollar—and freeing American families from the threat of bankruptcy

State Rep. Michelle Grim (D-OH) describes how federal funding from the American Rescue Plan is being used to wipe medical debt in Ohio. An estimated 41,000 Ohio residents will see their medical debt erased thanks to the program that is being replicated in towns and local governments across the country.

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Colin Seeberger

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Medical debt is a uniquely American problem. We are the only developed country where one diagnosis can plunge a family into poverty.

Unlike other borrowing, no one chooses medical debt. Many Americans who fall ill have no choice but to rack up debt in order to stay healthy or, in some cases, stay alive. For the underinsured and uninsured, incurring debt is inevitable. In a June 2022 survey, 40% percent of adults said they were burdened with medical debt.

The above excerpt was originally published in Fortune. Click here to view the full article.

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Author

Michele Grim

Ohio State Representative

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Local communities are buying medical debt for pennies on the dollar—and freeing American families from the threat of bankruptcy