Regions Bank Helps Families
Regions Bank – “Wow! What a welcome discovery when I opened my mail! It’s challenging to pay for medical expenses while being a single mother and a first responder! I appreciate it very much.
That’s just one of Acworth, Georgia’s reactions to the announcement that Regions has assisted certain low- and moderate-income people and families in paying off their medical debt.
Regions previously disclosed a $50,000 gift to RIP Medical Debt, a nonprofit that buys unpaid and unpayable debt for households that are less fortunate than twice the federal poverty threshold, insolvent, or experiencing hardship, back in March. Instead of trying to collect the medical debt once it is in their possession, RIP Medical Debt forgives it.
A $1 donation to RIP erases, on average, $100 of medical debt because loans are bought for a small percentage of their face value. The Regions contribution was intended to assist RIP in paying off almost $5 million in medical debt in three of our footprint states that had the largest number of unpaid medical or dental bills.
It turns out that the $50,000 grant eliminated 12,000 people’s medical debt totaling $12.8 million.
“For individuals and families in our communities, medical financial hardship is a big problem because it contributes significantly to financial instability and is the main reason for personal bankruptcies. I’m pleased that our input actually had an impact.”
Leroy Abrahams, director of community affairs, stated, “We’re very happy that our community cooperation with RIP Medical Debt has had an even greater impact than we imagined. “Medical financial hardship is a big problem for people and families in our communities; it is the main cause of personal bankruptcies and a key contributor to financial instability. I’m pleased that our effort actually had an impact.
In the United States, the price of healthcare has long been a source of worry. And it affects more people than just the uninsured. Even people with health insurance may experience financial difficulty due to high deductibles, out-of-network fees, and unforeseen expenses. The problem of unpaid medical expenses has only gotten worse as a result of the Covid-19 outbreak and the current inflationary pressures.
Customers can access four medical financial hardship courses through Regions Next Step at no cost, regardless of whether they have a Regions account. Managing out-of-pocket medical expenses, settling the medical bill, avoiding bankruptcy, and securing debt relief for medical debt are among the topics covered.
No matter your health or financial situation, Boyen advises everyone to take these courses, become knowledgeable about medical financial difficulties well before you need it, and spread the word to friends and family.
Boyen stated that dealing with medical concerns “may be challenging and distressing, especially when coping with major illness or unexpected accidents.” “It’s preferable to be aware and prepared in advance rather than trying to negotiate difficult financial issues during a stressful period.”