Boodor is Your Go-to Source for the Latest Business News, Stay Informed and Make Informed Decisions.
⎯ 《 Boodor • Com 》
Bernie Sanders and Democratic Rep Ro Khanna launch campaign to wipe out medical debt
Bernie Sanders and Democratic Rep Ro Khanna launch campaign to wipe out medical debt
Progressives are beginning a new offensive on Capitol Hill: Taking on America’s staggering $88bn in medical debt. Headed up by the Bernie Sanders spinoff group Our Revolution, advocates around the country are gathering horror stories of instances where necessary procedures were blocked by insurance companies or, perhaps worse, approved with stipulations such as “out of network” classifications that can quickly (and often do) lead to lifesaving treatment becoming a financial death sentence. The group hosted a town hall led by executive director Joseph Geevhargese on Monday, where a number of Americans shared their own personal versions of ruin at the hands of medical debt collectors and hospital bills. Between 10 per cent and half of adult Americans are thought to carry medical debt in some form, with estimates widely varrying thanks to the complexities of tracking paid-off debts. Elizabeth McLaughlin, one woman who shared her account with participants of the town hall event on Monday, spoke about how treatment she received in 2017 has led to her taking on tens of thousands of dollars in credit card debt as she placed utility bills and other basic needs like groceries on lines of credit rather than face medical debt collectors. “I pass it from one [card] to another, and in the meantime I’m just grateful that I’m employed, and insured, and I can keep making the payments,” she explained. Another woman, Kristin Noreen, explained that she even filed for bankruptcy, only for her debt to immediately begin climbing into the thousands again thanks to tax obligations and other costs. Her treatment bills rose past $1m dollars after she was struck by a car on her bicycle and suffered grievous injuries, including the amputation of her hand, and now she explains that she has little chance of ever climbing out of her personal debt trap — even after her insurance paid for all but $60,000 of the treatment cost, and $50,000 of the remaining debt was handled by a charitable donation. The remaining $10,000 was still more than enough, coupled with the cost of years of therapy she says is “barely” covered by her Affordable Care Act plan, to leave her in financial desolation. “I’m back up to $10,000 on credit cards and as of last month, I have another $3,000 in debt to the IRS for prioritising my care over my estimated taxes. I’ve been denied disability and I work part-time from home as much as I’m able to,” she explained, while noting that if her pay increases from her part-time work, she is legally required to pay it towards Affordable Care Act subsidies rather than her own debt. Mr Sanders, along with a colleague in the House, Ro Khanna, reportedly plan to introduce legislation in the coming weeks aimed at addressing the issue — along with a nationwide campaign aimed at pressuring vulnerable lawmakers to get on board. Among the legislation’s priorities will be halting “predatory” debt collection practices and going after price gouging in medical billing. And while the demands in their upcoming legislation are small in comparison to Mr Sanders’s long-held desire to overhaul America’s for-profit healthcare system into a single-payer system aimed at affordability and access, the efforts by progressives to highlight the tragic cases of Americans consumed by medical debt likely aid in the left’s work to popularise the idea of major reforms and changes to the structure of America’s health system. Mr Sanders called for the elimination of all medical debt in the spring of 2022 after three leading credit agencies announced that they would no longer track paid-off medical debts when calculating credit ratings for Americans. “‘Medical debt’ and ‘Medical bankruptcy’ are two phrases that should not exist in the United States of America,” the senator said at the time. “Removing 70 percent of past-due medical debt from credit reports is a step in the right direction, and much more needs to be done. We must cancel all medical debt.” Read More Deal or default? Biden, GOP must decide what's on the table Black voters backing Biden, but not with 2020 enthusiasm House Republicans pressure Biden as they vote to raise debt ceiling in exchange for spending cuts
2023-05-10 06:25
Vida Creek Beach, Dubai's Ultimate Lagoon-Side Staycation Hotel, Has Opened its Doors
Vida Creek Beach, Dubai's Ultimate Lagoon-Side Staycation Hotel, Has Opened its Doors
DUBAI, United Arab of Emirates--(BUSINESS WIRE)--Oct 31, 2023--
2023-10-31 14:17
UBS’s Ermotti Says Demand for AT1 Bond Shows Market Confidence
UBS’s Ermotti Says Demand for AT1 Bond Shows Market Confidence
The strong demand for UBS Group AG’s hotly-anticipated sale of additional tier 1 bonds is a positive sign
2023-11-09 17:48
Crystal Group Announces Appointment of Seasoned Defense Executive, Aaron Maue, as President
Crystal Group Announces Appointment of Seasoned Defense Executive, Aaron Maue, as President
HIAWATHA, Iowa--(BUSINESS WIRE)--May 30, 2023--
2023-05-31 03:16
Investors flock to defensive stocks and safe havens on worries about Israel-Hamas war
Investors flock to defensive stocks and safe havens on worries about Israel-Hamas war
The Israel-Hamas war is sending investors in search of defensive assets.
2023-10-13 19:55
United Airlines CFO to retire in 2024
United Airlines CFO to retire in 2024
United Airlines Holdings Inc said on Wednesday its Chief Financial Officer Gerry Laderman had announced plans to retire
2023-05-31 20:28
Korea’s Inflation Speeds Up, Keeping Door Open to Rate Hike
Korea’s Inflation Speeds Up, Keeping Door Open to Rate Hike
South Korea’s inflation outstripped forecasts in August partly on the back of higher energy costs, reinforcing the case
2023-09-05 08:47
Irish service growth remains robust, inflation pressures ease-PMI
Irish service growth remains robust, inflation pressures ease-PMI
DUBLIN Irish service sector growth remained robust in July amid a strengthening in business sentiment and a slight
2023-08-03 08:53
Goldman Strategists Raise Forecasts for Japanese Shares on Stable Yen View  
Goldman Strategists Raise Forecasts for Japanese Shares on Stable Yen View  
Goldman Sachs Group Inc. strategists raised their forecasts for Japanese shares to reflect updated assumptions that the yen
2023-09-18 14:15
Turkey touts market-friendly turn in global investment roadshow
Turkey touts market-friendly turn in global investment roadshow
Turkey's new Wall Street-trained finance chief will kick off a global investment roadshow at the G20 summit in New Delhi on Friday to drum up support for his rescue...
2023-09-07 19:46
Russia seizes control of Danone and Carlsberg operations
Russia seizes control of Danone and Carlsberg operations
Under a new order, the Danone and Carslberg units have been put in "temporary management" of the state.
2023-07-17 11:27
Tesla ready to invest up to $2 billion to build India factory, but with riders -ET
Tesla ready to invest up to $2 billion to build India factory, but with riders -ET
BENGALURU Tesla is ready to invest up to $2 billion to set up a factory in India if
2023-11-24 18:51