Debt Buy Will Help Tackle Medical Debt in New Mexico, Supporting Healthcare Affordability Fund Goals
ALBUQUERQUE, N.M., August 22, 2024 – GetInsured, a leading provider of state-based health insurance exchange (SBE) technology platforms, has launched an initiative to wipe out medical debt for hundreds of New Mexicans. This effort is part of a long-standing partnership with the non-profit organization, Undue Medical Debt (formerly RIP Medical Debt), aimed at alleviating the financial burdens associated with health care.
Over the past five years, GetInsured has been working closely with Undue Medical Debt to eliminate medical debt across the country, retiring nearly $12 million in total. The latest endeavor in New Mexico is expected to relieve over $900,000 in consumer debt, contributing to GetInsured’s broader mission of expanding access to affordable, high-quality health care.
The debt buy comes as the Grisham administration continues to support the Healthcare Affordability Fund, signing HB7 this session to increase distributions from the fund in coming years. The Fund’s purpose is to provide resources for programs reducing consumer costs for lower-income New Mexicans when they sign up for health insurance through BeWell, New Mexico’s Health Insurance Marketplace. GetInsured is proud to be partnering with BeWell to create a more seamless enrollment process. Our work with BeWell was the impetus to choose New Mexico as our next medical debt buy location. Since its inception in 2014, Undue Medical Debt has abolished over $13.3 billion in medical debt, benefiting more than 8.57 million people nationwide. In the western United States alone, including states like New Mexico, over $1.18 billion in debt has been eliminated since 2018.
“Our goal is for all New Mexicans to have access to high-quality health care without the burden of financial distress,” said Heather Korbulic, Vice President of Policy and Communications at GetInsured. “It’s alarming that so many are forced to forgo medical treatment due to cost, with essential services like Emergency Room visits driving hardworking residents into debt.”
Medical debt remains the leading cause of bankruptcy in the United States. Recent data indicates that Americans owe at least $220 billion in medical debt, with nearly 1 in 3 adults impacted. This debt often forces people to delay or avoid necessary medical care, exacerbating health issues and financial instability. Undue Medical Debt relieves medical debt for those who meet one of two criteria: either those who are four times, or below, the federal poverty level or those who have medical debt that’s 5% or more of their annual income.
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About Undue Medical Debt: Undue Medical Debt collaborates with third-party credit data providers to confirm large debt portfolios meet their criteria for relief. They then negotiate to purchase millions of dollars of this debt at a significant discount, typically for pennies on the dollar. Debt relief cannot be requested and is source-based meaning Undue can only relieve medical debts it can acquire from providers like hospitals and physicians’ groups. Those benefiting from this medical debt relief effort will receive an Undue branded envelope in the mail sometime in September.
About GetInsured: GetInsured is a leading technology provider for state-based health insurance exchanges, offering an ACA-compliant cloud-based SaaS technology platform and integrated consumer assistance center operations. Our platform empowers states to run their exchanges efficiently, achieve cost savings, and have greater autonomy over their insurance markets, contributing to broader health reform goals. With a trusted track record, GetInsured serves as a technology partner for states such as Georgia, Pennsylvania, New Jersey, Nevada, Virginia, Minnesota, Idaho, and Washington, delivering exceptional service and seamless interactions for agents, brokers, assisters, and consumers alike.