Navigating Medical Debt: Regions Bank Announces Grant and Financial Wellness Tools to Help People and Families
Regions Bank announced a new grant as well as additional online financial wellness tools designed to help people and families address urgent issues surrounding medical financial hardships.
U.S. Census Bureau data has shown nearly one in five households in the U.S. carried medical debt – and those figures were compiled before the COVID-19 pandemic prompted additional medical expenses for many people nationwide.
As part of Regions’ commitment to improving financial wellness, the bank is making a $50,000 contribution to RIP Medical Debt, a nonprofit that leverages donations to purchase large bundles of medical debt and then relieve that debt with no tax consequences to the people who are helped. Because debts are purchased for a fraction of their face value, $1 donated to RIP erases, on average, $100 of medical debt. The Regions contribution of $50,000, in turn, can help RIP abolish approximately $5 million of medical debt in high-need areas.
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