How RIP Medical Debt Works
Posted By RIP Medical Debt
RIP raises funds donated by individuals, faith-based organizations, foundations, corporations, and others. We use these donations to buy large bundles of medical debt and then relieve that debt with no tax consequences.
So how do we determine which portfolios to buy?
When we purchase a portfolio of medical debt, we buy debt that has been pre-qualified by our partners to meet at least one of these two criteria.
- Earn less than 2x the federal poverty level (varies by state, family size).
- Debts are 5 percent or more of annual income.
RIP can abolish 8 to 10 times more medical debt (per dollar of donor funds) when healthcare organizations donate (rather than sell) accounts for abolishment.
RIP does not engage in any collections actions. It never contacts patients with collections letters or calls. The only communication that patients receive from RIP is a letter telling them that their debt has been canceled.
By removing the burden of old debt, we allow greater accessibility to healthcare thus benefiting patients, hospitals, and communities.
If you’d like to work with RIP Medical Debt, schedule a call with us today.
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