LOS ANGELES – MAY 01, 2018 – The 501(c)(3) nonprofit Hustle For Humanity introduces their new Robin Hood Bailout Program in which the charity plans to locate, buy, and forgive thousands of people’s medical debt each year.
On their website they state:
“In accordance with Article 25 of the Universal Declaration of Human Rights, we recognize that basic healthcare is a fundamental human right that should be extended to each and every member of the human family. Unfortunately, even in developed first world countries like America, this is not yet the case.
(1) Everyone has the right to a standard of living adequate for the health and well-being of himself and of his family, including food, clothing, housing and medical care and necessary social services, and the right to security in the event of unemployment, sickness, disability, widowhood, old age or other lack of livelihood in circumstances beyond his control.
(2) Motherhood and childhood are entitled to special care and assistance. All children, whether born in or out of wedlock, shall enjoy the same social protection.
Around 64 million or 17 percent of all adults in America struggle to pay their medical bills.
Even with insurance, 26 percent of all Americans said health care expenses have taken a serious toll on family finances.
About 42 percent of all adult Americans say they took an extra job or worked more hours to cover medical bills, and 11 percent turned to charity.
More than 11 million Americans will take on added credit card debt this year to cover medical expenses.
Another 10 million will be unable to pay for basic necessities because of their medical bills.
Some 43 million (one in five) have delinquent medical debt on their credit reports.
For 15 million, medical debt is the only debt shown in their credit reports.
Medical debt contributes to more than 60 percent of the bankruptcies in America.
Here’s How it Works:
Outstanding medical debt often is bundled into portfolios for sale on the secondary debt market (similar to mortgages). Using sophisticated data analytics, Hustle For Humanity can search medical debt portfolios to pinpoint those bundles most in need of relief. They then negotiate to purchase that debt at significantly reduced rates- pennies on the dollar (average ratio is 1:100). Such reduced rates typically are available only to large organizations in the debt buying industry.
Donations for this Campaign:
Donations to Hustle For Humanity’s Robin Hood Bailout helps them buy and forgive an average of 100 times the amount in unpaid and unpayable medical debt. A donation of $100 may forgive $10,000 in medical debt. Hustle For Humanity is a 501(c)(3) nonprofit charity, so donors get a tax deduction. The recipients of The Robin Hood Bailout have no adverse tax consequences, no obligations, and no strings attached. Hustle For Humanity simply abolishes their medical debt. For good.”