Why $550 Million Medical Debt only Cost $5.5 Million
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The Snap CEO and his wife made headlines for donating to eliminate $550 million in medical debt, but the actual cash donated was only $5.5 million — one hundredth of the headline figure. Medical debt in the US is often purchased at a steep discount, meaning the face value of debt and the real cost to retire it are vastly different. The piece frames this as a PR stunt enabled by how medical debt pricing works, where everyone can negotiate the price of medical bills except the patients themselves.
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