HCAN: Biden Administration Takes Important Step To Address Medical Debt Crisis

Jun 11, 2024

Statement from Margarida Jorge, head of Health Care for America Now – a leading health care campaign  – on CFPB’s new rule on medical debt:


“Medical debt is crushing families across this country. For far too long greedy corporations have put profits ahead of patients when it comes to health care. Despite historic gains in coverage, millions of people still can’t afford health care because of deductibles and out of pocket costs for care. This has led to a medical debt crisis: more than 20 million people in this country have some form of medical debt that forces them to cut spending on food and other necessities, depletes their savings, requires them to borrow money from friends or family or leads them to forego care to avoid more debt. The action by the Biden Administration today is an important step in recognizing and addressing this growing problem.


“No one should have to choose between shelter and health care or between a meal and medical treatment. But for far too many that is the case, even when they are insured and need the treatment to stay alive and take care of their families. Americans pay more for health care than anyone in the world: no one in our country should suffer financial ruin on top of a health crisis so that insurance and drug corporations can keep their profits sky-high.


“President Biden’s new rule will help millions who previously had nowhere to turn and no resolution for medical debts they incurred through no fault of their own.


“We applaud the Biden Administration for this important action and hope they will continue to use their executive authority to tackle this crisis and protect the health and economic security of millions.”