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Today, Explained

What fixes medical debt

Today, Explained

Vox

Daily News, Politics, News

4.49.5K Ratings

🗓️ 14 May 2024

⏱️ 27 minutes

🧾️ Download transcript

Summary

It's gotten so bad in America, people are crowdfunding their doctor bills. Vox's Dylan Scott and associate professor Nora Kenworthy explain an imperfect solution and offer a better one. This episode was produced by Denise Guerra and Avishay Artsy, edited by Amina Al-Sadi, fact-checked by Matt Collette and Laura Bullard, engineered by Patrick Boyd, and hosted by Noel King. Transcript at vox.com/today-explained-podcast Support Today, Explained by making a financial contribution to Vox! vox.com/givepodcasts Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0

Four in 10 Americans are burdened by medical debt and we're coping however we can.

0:06.0

People will cut spending on everyday items like food, they'll cut spending on rent.

0:12.0

We certainly hear about people skipping

0:14.8

medical services, you know, skipping prescriptions, not going to their annual

0:18.6

checkups, not doing follow-up procedures or services because they're worried about the cost.

0:25.0

Polling shows that unlike student debt, Americans are not that divided on how we feel about

0:29.6

this.

0:30.6

About seven in ten of us support some kind of relief and organizations and

0:35.1

individuals are providing that relief. Two former debt collectors were

0:38.7

inspired to tackle the problem and now their nonprofit R. I.P. medical debt has wiped out more than $7 billion in debt.

0:46.5

We thought, well, instead of collecting on the money, why not forgive it?

0:51.0

Recently, some economists asked asked how well is this working. We're

0:55.8

going to tell you what they found coming up on today explained. Support for

1:00.6

this show comes from Krakhan.

1:02.8

Krypto is like the financial system, but different.

1:06.6

It doesn't care where you come from, what you look like,

1:09.3

your credit score, or your outrageous food delivery habits.

1:13.0

crypto is finance for everyone, everywhere all the time.

1:18.0

Krakhan, see what crypto can be.

1:21.0

Don't invest unless you're prepared to lose all the money you invest.

1:24.0

This is a high risk investment

1:25.0

and you should not expect to be protected if something goes wrong.

...

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