NYC's Plan to Erase $2 Billion Medical Debt for 500K Residents

New York City plans to invest $18 million to buy and erase medical debt for up to 500,000 residents in a partnership with a nonprofit organization, aiming to alleviate the burden of unpaid medical bills. The program targets individuals whose medical debt is at least 5% of their annual household income or those in households earning less than four times the federal poverty line. This initiative, the largest of its kind in the country, seeks to address the financial challenges faced by many New Yorkers due to medical expenses, with the goal of providing relief without requiring residents to apply for the program.