NYC Mayor Eric Adams Set to Cancel $2 Billion Medical Debt From Among Low-Income Residents

New York City Mayor Eric Adams has announced plans to purchase millions in residents’ unpaid medical debt and then erase it in a scheme that could benefit up to 500,000 people who call the city home. According to the Jan. 22 press release from the mayor’s office, New York will partner with RIP Medical Debt, a nonprofit organization that buys portfolios of outstanding medical debt from healthcare providers—usually targeting the people who it believes need it most—and from the secondary debt market at a steep discount with the help of private donations, or in this case public funding. RIP Medical Debt will also partner with the Mayor’s Fund to Advance New York City to raise additional funding to supplement the scheme’s funding....