“Free” Market Healthcare at Its Finest – Making Exorbitant Profits off of Medical Debt

An Occupy Wall Street charity bought $15 million worth of US medical debt and cancelled it. No strings attached.

This is mutual aid at its finest.

The initiative was spearheaded by a grassroots organization called Rolling Jubilee. It “raised $700,000 by crowdsourcing money to buy consumer debt on the secondary debt market for a fraction of its original value. It then spent $300,000 wiping out almost $15m.”

The report notes that this is possible because investors can buy US citizens’ healthcare debt at 4% average, while the indebted sick still owe them 100%.

Note: that is a 96% profit for the already filthy rich investors (if you are investing in other people’s debt, you are obviously already filthy rich).

Ah, making exorbitant profits off of people’s illnesses and injuries. This is “free” market healthcare at work.

The report also notes that, according to Rolling Jubilee, 62% of bankruptcies in the US are caused by medical illness.

A 2012 study by the American Journal of Medicine found “a huge increase—nearly 20 percent—in medical bankruptcies between 2001 and 2007. 62% of all bankruptcies filed in 2007 were tied to medical expenses. 3/4s of those who filed for bankruptcies in 2007 had health insurance.

This is “free” market healthcare at its finest.