More than $2 Million in Medical Debt Eliminated for Individuals in Puerto Rico
Captive Alternatives (CapAlt), an Atlanta-based insurance consultancy specializing in Private Insurance, has raised more than $20,000 for RIP Medical Debt, a nonprofit that raises funds to relieve unpayable medical debt. The results of their fundraising purchased and erased more than 2 million dollars in medical debt for 1,180 individuals in Puerto Rico. CapAlt has domiciled their insurance company in Puerto Rico since 2016 and have seen firsthand as the island has struggled to recover financially from the natural disasters that have plagued it in recent years. On top of that, medical costs have more than doubled in the past thirty years and insurance premiums have skyrocketed, making it all but impossible for low income families to overcome medical debt.
RIP Medical Debt buys debt in bundled portfolios for a fraction of what is owed meaning that donations have an impact of 100 times their value. At the start of the campaign, CapAlt and RIP Medical Debt identified more than $2 million owed by individuals in Puerto Rico who met strict criteria for low income eligibility. CapAlt appealed to their clients and employees and, as a result, more than 1,000 people across Puerto Rico received letters in the mail stating that their medical debt has been purchased and erased without taxes or penalties.
For more information about you how can help eliminate medical debt for families in need, please visit https://ripmedicaldebt.org/