GetInsured Helps Families Pay More Than $1M in Medical Debt in Virginia

GetInsured has released a new survey that examines Virginians’ struggle to pay their medical bills and other debts.

MOUNTAIN View, Calif. And RICHMOND, Va. , Dec. 20, 2022 /PRNewswire/ — Leader in IT for the public sector healthcare industry GetInsured Today’s announcement included the retirement and purchase of over $1 million in medical debt burdening 2,043 Virginians. This is GetInsured’s seventh purchase of medical debt in partnership with the non profit RIP Medical DebtMore than $10.6 Million For 7,614 beneficiaries nationwide. GetInsured’s goal is to ensure that as many Americans have affordable, high-quality health care. This is why we work with RIP Medical Debt in order to remove financial barriers to accessing health care.

“GetInsured medical debt purchase in Virginia This is an extension of our charitable efforts in reducing the economic burden of American medical debt and bringing light to this widespread issue. Nearly one in ten Americans have at minimum $250 of medical debt and nearly one in seven Virginians have medical bills in collections. Many others are likely to feel the effects of rising inflation on how they can pay for their medical expenses,” stated Chini KrishnanGetInsured CEO and co-founder. “We are excited to partner again with RIP Medical Debt. An organization that has purchased billions of dollars in unpaid loans and helped more than four million families,”

GetInsured recently conducted a survey of over 500 respondents to help better understand the impact medical bills have on the general population. Virginia Residents in conjunction with the purchase of debt. More than half (50.4%) of Virginians who were surveyed indicated that they have medical debt in the last five years or now. Nearly 27.7 per cent of those who responded had more than $500 in medical debt. $1,000 In medical debt, 9.3 percent had more than $5,000. It is not uncommon to have medical debt Virginia. These findings are consistent with previous surveys GetInsured ran in other states, including Nevada And Pennsylvania.

These are important findings as inflationary pressures keep increasing and many Virginians remain uninsured. About 21.8 percent of uninsured people cited “too costly” as their top reason for not having coverage. However, a staggering 57 percent didn’t know that they could get government subsidies to help them obtain more affordable coverage. The state will launch its own health insurance exchange by 2023. This will help residents to get the coverage they need and keep their medical costs down. A strong education campaign will be run by the Commonwealth to highlight the many benefits of Virginia’s new state-run exchange.

Survey results also showed that 57.1 percent of respondents with medical debt claimed it affected their decision on whether or not to receive treatment. 82.7 per cent admitted that their medical debt had caused them to reduce their spending or made it difficult to pay for their necessities. About 30 percent claimed it had an impact on their ability pay for groceries and food, and 19.9% said that it affected their ability pay rent or mortgage.

Virginians who are eligible for GetInsured’s donation have earned less than twice the federal poverty limit, and have spent over five percent of their gross earnings on medical bills. People who are financially insolvent as a result of medical debt will also be helped by the purchase.

About GetInsured

GetInsured is a Vimo company. It’s a leader in technology for state-based exchanges. The platform offers an ACA-compliant SaaS technology platform as well as integrated consumer assistance center operations. GetInsured’s clients include Georgia, Pennsylvania, New Jersey, Nevada, California, Minnesota, IdahoAnd Washington. The SaaS platform, which was awarded the Best in Class award, processed enrollments for approximately 3 million consumers for plan years 2022. This is about 70% of all state based marketplace enrollments. GetInsured was another. recently awarded the contract Support and establishment Virginia’s new state-based health insurance exchange – a transition that is expected by fall of 2023.

CONTACT: Tyler Gilbert, [email protected]

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SOURCE GetInsured