GetInsured relieves $2.7 million in medical debt for families in seven states

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GetInsured National Survey Examines Americans’ Continued Struggle With Medical Costs and Debt

MOUNTAIN VIEW, Calif., May 17, 2022 /PRNewswire/ — GetInsured, a leader in public sector healthcare IT, today announced the purchase and exit of $2.7 million medical debt burdening American families in seven states: Georgia, Idaho, Minnesota, New Jersey, Pennsylvania, Washington and Nevada. A recent analysis by the Kaiser Family Foundation found that nearly one in 10 American adults had medical debt (owing more than $250 in health expenditure). This debt acquisition marks GetInsured’s sixth such purchase in partnership with non-profit organization RIP Medical Debt, totaling more than $9.6 million for 5,571 patients.

“Today’s medical debt purchase is a continuation of our charitable efforts to highlight and ease an economic burden carried by millions of families across the country. Americans are almost $88 billion medical debt, which could be exacerbated when the national public health emergency inevitably ends and approximately 15 million people lose the Medicaid coverage they have had for the past two years,” said Chini Krishnan, co-founder and CEO of GetInsured. “Other Americans are bracing for higher premiums that could cause them to forego health care coverage altogether. It is imperative that federal and state policymakers and health officials work to ensure people are aware of their options. We have made tremendous progress in ensuring that Americans are covered, let’s not go back.”

To better understand the public’s level of health insurance knowledge, average medical debt, and their impact on future medical decisions, GetInsured recently administered a nationwide survey in conjunction with the Medical Debt Purchase. The survey found that despite the record level of health insurance enrollment this year, many Americans are still struggling with the cost of health insurance premiums and are also unaware of available subsidies that could ease the financial burden. The findings are particularly important because it’s critical that Americans be aware of their healthcare options given the inevitable end of PHE and the expected increase in premiums if US bailout grants expire. Among the survey results:

  • Almost half (46.2%) of respondents indicated that they have medical debt now or in the past five years:
    • 24% said they had more $1,000 in medical debt
    • 5.3% had more than $5.000
  • Of those with medical debt, 57.5% said it affected their decision whether or not to seek treatment.
  • Only 6.5% of respondents were uninsured (compared to 8.5% a year ago according to a similar survey)
  • However, 41.6% of the uninsured listed “too expensive” as their main reason for not having coverage, but 62.1% were unaware of the government subsidies available to them to get more coverage. affordable.

“Medical debt is a persistent problem that we need to address as soon as possible. Millions of Americans have gained affordable health insurance coverage over the past two years through federal assistance programs, but those programs are likely to be canceled in the coming months, opening the possibility that more Americans will incur additional medical debt,” said Heather Korbulic, senior policy and strategy manager at GetInsured. “We encourage state agencies to be forward thinkers and put plans in place to relax and deal with revisions to ensure that the medical debt problem in this country does not get worse. Congress should also consider expanding subsidies so more Americans can afford proper medical coverage. .”

GetInsured has partnered with RIP Medical Debt, a non-profit organization, to locate and purchase medical debt. Those who will benefit from GetInsured’s donation earn less than twice the federal poverty level and have spent more than 5% of their gross income on medical expenses. Debt buying has also helped those who are insolvent due to medical debt, meaning they owe more due to medical bills than assets they own.

About GetInsured

GetInsured, a Vimo company, is a leading technology provider for state exchanges, offering an ACA-compliant cloud-based SaaS technology platform and integrated consumer help desk operations. GetInsured’s client list includes PennsylvaniaNew Jersey, Nevada, California, Minnesota, Idahoand Washington. The award-winning SaaS platform processes registrations from 2.7 million consumers, which represents approximately three-quarters of all registrations in state-based marketplaces.

Contact:
Tyler Gilbert
724-272-1601
[email protected]

SOURCEGetInsured

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