Vice President Kamala Harris Promises to Cancel $220 Billion in U.S. Medical Debt
TL/DR –
Medical debt affects one in twelve adults in the U.S., with Americans owing a total of $220 billion. Vice President Kamala Harris has promised to cancel this debt, although the specifics of her plan have not yet been detailed, and other initiatives like North Carolina’s deal to erase $4 billion in hospital debt as part of a Medicaid expansion plan are also underway. Experts, however, argue that these measures only provide short-term relief and do not address the root problem: the high cost of healthcare in the U.S., which, at an average of $12,000 per person in 2022, is significantly higher than any other high-income nation.
U.S. Medical Debt Issue: Vice President Kamala Harris Promises Relief
One in 12 U.S. adults are grappling with medical debt. In response, Vice President Kamala Harris aims to eliminate this burden. However, details of Harris’ medical debt cancellation plan require further specifics, as revealed in a White House press release.
State-Level Medical Debt Relief Measures
Debt relief efforts aren’t exclusive to the VP. North Carolina, for example, erased $4 billion in debt, while California established new protections for medically indebted citizens.
Medical Debt Erasure: Cure or Symptom Treatment?
Princeton experts argue that while debt cancellation may offer short-term relief, it doesn’t address the root issue of escalating healthcare prices. The focus is shifting to smaller-scale initiatives, like preventing medical debt from impacting credit reports or increasing financial assistance for low-income patients.
U.S. Healthcare Costs: The Highest Among Developed Nations
Americans spent approximately $12,000 per person on healthcare in 2022, over $4,000 more than any other high-income nation, according to the Peter G. Peterson Foundation. Factors such as high drug costs, pricey medical professional salaries, profit-driven healthcare centers, and health-related pricing contribute to these elevated costs.
U.S. Healthcare System: Is the Cost Justified?
Despite its high cost, the U.S. healthcare system doesn’t consistently outperform its counterparts in other developed countries. Findings from the Peter G. Peterson Foundation indicate the U.S. lags in areas such as life expectancy, infant mortality, unmanaged diabetes, and safety during childbirth.
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