Summary
New York City Mayor Eric Adams announced the cancellation of nearly $135 million in medical debt for over 75,000 residents. This effort is part of a broader initiative to provide $2 billion in medical debt relief over three years. The program aims to help working-class residents by reducing financial stress linked to medical expenses.
Key Facts
- New York City has canceled $135 million in medical debt for more than 75,000 people.
- Mayor Adams announced the plan, which was part of commitments made in his State of the City address.
- The initiative is part of a $2 billion effort to decrease medical debt for 500,000 working-class New Yorkers.
- Medical debt is a common reason for bankruptcy in the U.S., according to Debt.org.
- The program particularly aims to help uninsured, under-insured, and low-income families.
- The administration is working with Undue Medical Debt, a non-profit that helps erase medical debt.
- Residents do not have to apply; they will be notified by the non-profit about debt cancellation.
- The initiative lasted three years, coinciding with the opening of Financial Empowerment Centers to aid financial planning.
