Biden to remove medical debt from credit reports

Yes, I'd like to know that too. What actually happens to the medical debt if this passes?

The medical debt would no longer be reflected on a consumers credit report, thus having no adverse impact on their credit score. The consumer would still be responsible for their medical debt.

Do white people still owe black people 3 acres and a mule?

No

But in this case you will still owe your medical debt.

The US is the only civilized country in the world where owe medical debt and go into bankruptcy and have their lives ruined because of it.

Darling R3, up your numbers.

It was forty acres and a mule. You still trying to screw us out of the other 37?

This is probably the stupidest question ever raised on this site. And that is saying something.

OP, when you don't pay your cable bill, that doesn't go on your credit report. Do you still owe the debt?

You are a complete idiot.

If the person still owes the debt, what if a new creditor loans that person money because they didn't know about the medical debt, and the borrower then defaults on the new loan because of the hidden medical debts?

This isn't a good development. If debts are owed they shouldn't be hidden. People have a right to know.

All credit reporting is voluntary. Many debts and probably a majority of medical debt already go unreported (on credit reports.)

Of course a subset of DLers would think this a bad thing.

Medical debt is sort of bullshit because the amounts are ludicrous. I know someone who had a very minor 15 minute procedure and thought they were insured, the hospital thought they were insured (procedure had been pre-approved), but turned out they had forgotten to pay the bill for their COBRA insurance (yes, that part was their fault, but they didn’t realize they hadn’t paid it). Insurance was cancelled retroactively and the hospital billed over $20,000.

This is different from regular debt, especially since the cost isn’t disclosed up front. Nobody is agreeing, “Yes, I will pay $50 grand for your to set my broken leg and monitor me for 24 hours.” when they are brought in by ambulance from a car crash site. They have no choice.

So, unlike most debt, it almost makes more sense to include lower amounts owed but not higher amounts. In the case of my acquaintance, it is relevant that they forgot to pay their insurance for months on end? Yes, of course. But is the inflated hospital bill really a measure of their outstanding debts or their ability and willingness to pay going forward ? I don’t think so.

Also, R9 is right. Even now a lot of medical debt doesn’t get reported.

It’s not right that people should be denied an apartment or job because they can’t or won’t pay a $500 bill for a Motrin an ER nurse handed them and told them to take.

Maybe here Gerg? Catch up!

“You’re too sick to work but we are going to bill you $400,000 for your 20 day hospital stay. You are scum of the earth for not paying.”

A friend had a stroke and went to the nearest hospital to their house (I drove her). Because apparently it wasn’t “life-threatening” enough, the insurance company told her she should have gone to a hospital within the network (it was much further away). She ended up owing about 15k. I helped her get the hospital to lower it to 7k.

I’m amazed it was only $15k at the outset, R14. I would not pay that or even $7k, though. The idea that a patient or observer with no medical training should be expected to evaluate how serious a stroke is and then consult with their insurance company to confirm what hospitals are in network is batshit. Without even considering that in network / out of network information is sometimes out of date.

Yeah, that bill would go in the circular file. Now, the deductible would be a different story. You know what that is, it’s disclosed up front and you pretty much acknowledge up front that you’ll have to pay it if you have a medical event. That’s fair game.

Similar story here, R14. A friend of mine broke three ribs when her horse bucked her off. The stress sent her into diabetic shock, and she wasn't even lucid when the ambulance arrived. They took her to the nearest hospital, which was not in her network.

She realized it a day later when the pain meds started to wear off and demanded to be transferred to an in-network hospital. She was, but she was billed some obscene amount for the day at the first hospital. Luckily, she's a lawyer who can get really nasty and she intimidated the hospital and her insurance company into some agreement that absolved her of any debt.

This is a feel good bill to get votes. It doesn't solve the debt problem and the bill will lead to unforseen (negative) consequences.

Another reason the inclusion of medical debt on someone’s credit history is egregious is because most potential creditors are just looking at a number. If they had to examine line items and they saw that an applicant paid all their bills except a hospital bill they might not care and even if they did the applicant might have the opportunity to address it.

This is a no-brainer and definitely not a right or left issue. I hope I have the opportunity to vote against some people who are against it.

Perhaps the debt will still be on the credit report, but not affect the score.

Another vote for “not a good thing”. Methinks this strategy is testing the waters for erasing but not erasing student loans next. It’s not the act itself, but the financial and legal reverberations of such an undertaking-

Then corporations stepping in and cloaking their debt too, after all legal boundaries have been assured.

If anything it drives the chasm further between the haves and have nots.

[quote] Of course a subset of DLers would think this a bad thing.

Because the majority are insane and would think this loony idea is a good thing?

[quote]If anything it drives the chasm further between the haves and have nots.

How?

The Democratic party today.

Instead of doing something about the high cost of college they will forgive some peoples loans.

Instead of doing something about crippling health care costs we they will allow people to hide the debt.

And in this case don’t deal with the cost of housing make it easier for those in debt to buy houses they quite likely will not be able to afford.

R20 and R23 have it right.

I think DL members should start having verified ages beside their posts because the people 60+ are just so out of touch with reality for any person 21-40 now.

R23, and how are they supposed to do that? The House Republicans won't even agree to fund the government as it is now.

[quote] Of course a subset of DLers would think this a bad thing.

Yes, the subset that relies on credit reports as some indication of whether a prospective tenant will pay their rent. I need the rental income to survive. I am not the one who commented initially but this is a very bad thing for those of us with modest resources unable to bear the loss of a monthly rental payment.

I would like to hear an example from someone who thinks this is a bad idea. Describe a situation where someone has medical debt on their credit report that is potentially a valuable indicator of their credit worthiness AND there are no other indicators.

How did this person incur this debt? How much is it and for what services? Why haven’t they paid it?

And it can’t be cosmetic surgery or non-emergency dental care. That shit gets paid up front.

Also, please - specific negative consequences and how this would increase the divide between the haves and have nots.

[quote]Methinks this strategy is testing the waters for erasing but not erasing student loans next. It’s not the act itself, but the financial and legal reverberations of such an undertaking-

PSLF reform and new programs like SAVE are designed to keep student loan debt on one's credit report while making the monthly repayment burden manageable enough that you can assume other financial obligations. Treating student loan debt like medical debt would be broadly unpopular even with democrats, in my (admittedly worthless) opinion.

R26

I do not disagree with you at all. It’s the country we now have. I dont expect to see it improve any time soon.

I am not suggesting the Dems could do much to fix these problems I am only saying that what they are doing amounts to band aids.

And while I am fine with these band aids being used to foster political or voter support , smart on the Dems part, they are still band aids given for political purposes not to fix anything major.

The dems would need a significant mandate and win. They would need to control house senate wh and SC.

And every single time some dem says fuck those who do not agree with us totally on every issue go vote MAGA , they show themselves to be a big part of the democratic parties problem.

Did that happen to you, R27? Did someone with an otherwise strong credit history but an unpaid medical bill not pay their rent? Did it happen to someone you know? Do you think someone with a sick kid is going to choose pay their medical bills and not their rent? Because that’s not what’s going to happen, unless they are insane. Eventually a landlord can kick them out. The hospital is not going to stop treating their sick kid.

I understand your sentiment, but I don’t think you are thinking this through. This really is different from other types of unpaid bills and debts.

Someone who has a lot of medical debt is more likely to have no health insurance, or some junk plan. That makes them a high risk for future financial calamity. Medical debt is the biggest cause of bankruptcy.

They already do this with car loans. The finance officer explained that you could have several bankruptcies, and shaky credit, but if you made every payment on time for every car, they’ll grant you that $100K Mercedes.

If the wealthy and corporations are able to legally hide debt like this, it puts entry and small time investors at serious risk because the wealthy established firms have other ways than just one credit report to evalate individuals and companies..

Interesting, does this mean I don’t have to pay my medical bill too?

No worries, people will still have rotten credit:

R23, you’re so disingenuous. You know Dems would institute health care reform as well as debt reform. You KNOW who is fucking not doing this or ANYTHING to improve the lives of the middle class (and look in the mirror dumbass). As r30 said, these are necessary band aids. Until certain (Repukes) get their act together, that’s all we’re getting.

R15, she paid some of it back but stopped when she realized how fucked up it was. She’s since passed away.

On the one hand, you can argue that the medical debt was a necessity, and wasn’t acquired due to spending beyond one’s means.

On the other hand, you could argue that most people with medical debt acquired it because they didn’t have insurance…which is often due to poor financial and life decision-making, meaning the person is likely a credit risk.

Medical costs and tuition costs are way too expensive. Tuition costs are often a choice, but medical costs are often not.

R37, blame that on the Repukes who took away the mandate. The mandates were working, people could take advantage of subsidies if premiums were difficult. But once the mandate was gone, that was it.

[quote]On the other hand, you could argue that most people with medical debt acquired it because they didn’t have insurance

Deductibles through Affordable Care Act plans can reach six figures a year, more than enough to bankrupt the average American.

R40, deductibles through ANY and ALL insurance are exorbitant—that includes private insurance through work, or privately purchased insurance. It’s not just the ACA. Btw, the insurance plans purchased through ACA website are the same as private insurance. My friend works for a hospital and her deductible is 3k. Most are around 3k and go up to 5-7k.

I’ve never heard of six figures, that does not sound right. It’s usually around four figures at the high end.

[QUOTE] You know Dems would institute health care reform as well as debt reform.

Debt reform - telling people they can make bad choices and then be relieved of their obligations later.

My deductible through the ACA is $8,600. My monthly premium is $814. I'd have to pay more than 18 grand before insurance kicks in for coverage.

For the 2023 plan year: The out-of-pocket limit for a Marketplace plan can't be more than $9,100 for an individual and $18,200 for a family.

For the 2024 plan year: The out-of-pocket limit for a Marketplace plan can’t be more than $9,450 for an individual and $18,900 for a family.

Stirring the pot again, r12?

R43, that plan is the same plan as private insurance. It is literally identical. It’s not six figures, but it it’s still pretty expensive, but if you purchased it privately (not through the ACA) it would be the same price. Part of the increase in prices is that there are no longer people required to purchase health insurance (mandate), who could help lower the overall costs.

Health care and health insurance reform is necessary. And it sadly won’t happen anytime soon (unless Dems control the government).

Are people racking up 100K in medical collections because of deductibles or because they didn't bother buying health insurance?

Agree, R37. But I’d still argue that if it’s due to a lack of creditworthiness then that’s going to show up elsewhere. It’s not necessary to include the medical debt on a credit report to protect potential lenders and including it does too much harm to those who have had situations like the stroke and diabetes described in this thread. My friend who forgot to pay their premiums, sure. But that friend forgot to pay stuff constantly, so the issue wasn’t hidden.

The real problem here isn't medical debt (although it certainly is a problem). That's just a side effect of the real problem- the fee for service payer system we have in the US for healthcare.

We need single payer, government healthcare like the UK has. People shouldn't be going into debt over healthcare and [BOLD]healthcare's first goal should not be to make a profit.

Don't give me any BS that this is not the case in the US; it is, even when it's a non-profit medical foundation. They still want a profit margin so they can fund new projects, etc.

[quote] I need the rental income to survive.

“I need access to another persons’ income bc I’m too lazy to work myself”

R27 if you need the money, sell your property. Landlord logic is so 😂😂😂

Bullshit, R50, and you know it. The rent has to get paid every month. The bank holding one's mortgage does not say, "Oh, that's OK, we'll wait until your tenant pays" because they want to get paid, too.

R47, even when someone have insurance, the company may deny coverage, and do so in bad faith. Hospitals are also famous for charging fanciful and inflated prices. The U.S. healthcare system is full of predatory practices.

This seems half-baked and pandering to lower class Democrats to vote for Biden. How exactly does this benefit the system to ignore debt? Someone could have thousands of dollars of debt but have a good credit score? Makes no sense.

Now do credit cards! And cap their interest rates!

Credit scores are racist.

Oprah’s reparations fund can pay everyone’s bills.

R50 longs for a world where there are no small-scale landlords, only massive holding companies bouyed with foreign money, or oligarchic Trump-style organizations. Ah, what a paradise it will be when only megacorporations can own housing stock!

I am a small-scale landlord, dipshit. Hardly some megacorporation.

And I owe money to the bank.

Get your head out of your ass.

If he was for passing Medicare For All people wouldn’t have medical debt.

My question would be when medical providers end up selling the debt to a collections agency. Once out of the hands of the original provider is the debt still classified as "medical debt"?

This isn’t a true solution for us or future generations. We’re just moving the peas around the plate.

[quote]This seems half-baked and pandering to lower class Democrats to vote for Biden. How exactly does this benefit the system to ignore debt?

It’s the same with “criminal justice reform”. What it means is “steal and shoplift all you want…We’ll fix things so you never have a criminal record.”

[quote] Describe a situation where someone has medical debt on their credit report that is potentially a valuable indicator of their credit worthiness AND there are no other indicators.

Can medical creditors sue and get a judgment? Can wages be garnished?

So under this plan, someone could have huge medical bills but qualify for credit cards to rack up additional debt? No Joe, no.

[quote] Eventually a landlord can kick them out.

You are not a landlord, "eventually" is very costly and could take years.

R23 = Log Cabinette.

r34 Try reading the thread before posting.

Good lord, r62, this isn’t equal to stealing a stereo. This is effing MEDICAL bills. No doubt anyone would rather be healthy and not incur the debt at all.

Not that it applies in this situation, but when you have debt that is forgiven--e.g., when a credit card company settles for less than what you owe--it is INCOME to you (in most cases) and it has to be reported on your tax return.

[quote] The rent has to get paid every month.

“Someone else has to pay my mortgage”

Like i said R51 pay your own mortgage.

R57 no I would prefer properly state owned accommodation for renters, a more affordable housing market, tighter restrictions on banks and mortgage lenders, stronger tenants rights, no Airbnb bullshit, and fewer private landlords.

[quote]I need the rental income to survive. I am not the one who commented initially but this is a very bad thing for those of us with modest resources

Honey, if you own rental property, you are too rich to be calming poverty. 99% of the population do NOT have the LUXURY of owning property they do not live in. Maybe get a job like the rest of us instead of sitting on your fat ass waiting for your INVESTMENT profits roll in.

Why should our credit be ruined because our greedy shitty “healthcare” is basically unaffordable even with insurance.

R64 Even shitty Florida, with their “homesteading” wont come after your home over medical bills.

You can owe a zillion buck to the hospital but they cant take tyou home. I dont even think they can get a judgement on it if you die

[quote]On the other hand, you could argue that most people with medical debt acquired it because they didn’t have insurance…which is often due to poor financial and life decision-making, meaning the person is likely a credit risk.

You could argue that but you would be wrong. No one can plan for a car accident, mass shooting or a stroke. Poor life decisions? Really? Not everyone comes form a charmed family background where college was paid for, parenting was top notch, and skills, talent and luck are equally distributed among an entire society.

By your logic everyone would be a high paid lawyer, doctor or financial advisor. We would not have people who are grocery store workers, food service, taxi drivers, seamstresses, gardeners, maids, child care, meat cutters, janitors and more.

[quote]Luckily, she's a lawyer who can get really nasty and she intimidated the hospital and her insurance company into some agreement that absolved her of any debt.

When they set her ribs, R16, they should've removed the stick from her ass.

[quote]No one can plan for a car accident, mass shooting or a stroke. Poor life decisions? Really?

That’s why you have health insurance in the USA. Most people get it through their job. If not, you buy it. Don’t have it?…poor planning and decision making.

Last year my out of pocket was $8500. Never in a million years thought I'd ever hit that. Then, I got cancer. Luckily I had money in my savings that I had been saving up for travel (Never traveled outside the US). Well, that $8500 was gone in an instant.

Don't get cancer. I can't imagine someone who didn't have that $ saved getting hit with all those bills. Medical debt is shameful in this supposedly "Rich" country.

So much for ever being able to travel. It took me years to save up that amount.

[quote]So under this plan, someone could have huge medical bills but qualify for credit cards to rack up additional debt? No Joe, no

You chose to go buy a luxury car, you choose to go shopping at Needless Markup, you choose to buy a house. You do NOT choose to be in a major car accident and maybe never walk or work again.

Yes it should be against the law for a BANK and CREDITORS to punish you for events out of your control. That's the difference between regular debt and medical debt. So No Donald. No.

[quote]Luckily I had money in my savings that I had been saving up for travel.

Should've traveled to Germany for coffee enemas.

[quote]That’s why you have health insurance in the USA. Most people get it through their job. If not, you buy it. Don’t have it?…poor planning and decision making.

Wrong again, insurance companies can deny coverage. There are many loopholes to do so. They even pay people a lot of money who spend their day doing just that. 50% of most jobs do not offer health insurance, it's a perk not a law. Private insurance is very, very expensive. Almost 1,000 a month. How would a low wage worker pay for that? Oh right, back to should be a high income earning life choices. Everyone should be a white collar investment banker.

Don’t have it?…poor planning and decision making.

Or maybe your job doesn't offer it and you can't afford a plan with a lower deductible or low out of pocket. Either way it's shameful how Americans have to to pay for health care.

It’s like saying that an employer who is hiring someone to do a lot of manual labor shouldn’t be made aware before an applicant is hired that the applicant is a quadruple amputee.

There’s a legitimate need for lenders to know the creditworthiness of applicants and to determine their ability to fulfill their financial obligations.

[quote]I am a small-scale landlord, dipshit. Hardly some megacorporation.

Let's pull out the violin so we can hear the whining. Most people cant afford to own investment property dipshit. Do you live with your renters? No? Then STFU.

No it's not R82. Credit history modern invention created by the banks. FICO score, was introduced in 1989. The world worked just fine before that. People got sick, hurt, had medical bills and debt.

If you really want to be intellectually honest, credit worthiness should be based on what people can control, like buying a house or a car. Because that gives you a long history of how consistent they are at paying back a loan. Trying to lump in a catastrophic event beyond their control is a false argument. Because, if that didn't happen to them, then they would still be a good credit risk.

I told you to have eight months worth of savings.

R16, she should sell her horse.

Thanks Suze, I sure wish I would have become a stockbroker like yourself and TV financial celeb with my own show so I could start saving. I am however not sure my closet lesbian relationship could handle it. Weren't you outed Dear?

R16 friend sounds like she's a major CUNT. She's a lawyer who owns a horse bitching about medical bills and ultimately intimidates the people who took care of her out of payment. NICE.

[quote]This isn't a good development. If debts are owed they shouldn't be hidden. People have a right to know.

And a new record for stupidity has been set WITHIN THE VERY THREAD THAT SET THE PREVIOUS RECORD.

[quote] Trying to lump in a catastrophic event beyond their control is a false argument. Because, if that didn't happen to them, then they would still be a good credit risk.

That’s like saying if a catastrophic event that caused all four of a person’s limbs to be amputated hadn’t happened then they would still be able to do rigorous manual labor so that shouldn’t prevent from being hired to do that. You know, because it was beyond their control.

[quote] And a new record for stupidity has been set WITHIN THE VERY THREAD THAT SET THE PREVIOUS RECORD.

Yes, and you now hold that record.

[quote]I think DL members should start having verified ages beside their posts because the people 60+ are just so out of touch with reality for any person 21-40 now.

Ah, yes. The "I paid my way through college by working part-time and I had my own apartment" crowd. They're so out of touch with modern society it's embarrassing.

The majority of illness and medical expenditures are self-caused. Morbid obesity, smoking, substance abuse, criminal activity, unplanned pregnancy…

You're still responsible for medical debt but it won't prevent you from finding an apartment or the 20 other things in life where they charge you more if you have less than perfect credit. If you're a renter you have enough financial issues that debt from a single medical incident shouldn't prevent you from finding a place to live.

I just learned CAR INSURANCE is more expensive depending on your credit. Trying to wrap my head around why that is.

[quote]I just learned CAR INSURANCE is more expensive depending on your credit. Trying to wrap my head around why that is.

Because people with poor credit are generally irresponsible.

Some of these posts sound as if they are coming from the 17th century: if you are not rich and healthy, it’s because GOD doesn’t like you. You’re not just a debtor, you are a SINNER.

R96 they’re just loser edgelords. R93 is a perfect example. This kind of outdated trolling isn’t taken seriously generally on other sites but DL is sooooooo behind the times that these guys still think they’re doing something, it’s so embarrassing 😂

Let's bring back workhouses and debtors prisons!

I was having dinner with a lawyer friend many years ago and we were talking about people being sued for debts and the subject got around to medical debt. She said all people need to do is just pay something toward their debt, no matter how small, even $15.00/mo. Just pay what they can afford and there's not a thing they can do to you. If they want to take it to court and you can show you're making an attempt and are paying what you can afford they'll be laughed out of court.

That was 30+ years ago so I don't know it that still stands.

R99, hospitals have consolidated and become more mercenary. They do sue patients; debt collection agencies sue patients. Not all of them by any means, but it does happen. The debt is treated like any other debt. Of course, people who can’t pay medical bills usually can’t afford attorneys either and frequently just default.

That's why they have free legal aid societies in every city in America. If they live in a small rural town they can get a lawyer sent in from the nearest larger town with a free legal aid service.

No r99, that's not how it works. Your friends advice was wrong even 30 years ago. The courts will be laughing that you didn't hold up your end of the CONTRACT you sided with the debtor. If her advise was even close to being true, millions of people would pay $100 to their landlord for a 2,000 month apartments and not be prosecuted for it. You really think the judge would side with the renter? Good luck with that.

Good luck with that R101. A handful of free legal aid cannot handle tens of thousands of people in financial trouble. And usually you only qualify if you are legally living below the poverty line which is around 15,000 a year. No house and not car.

[quote]That’s like saying if a catastrophic event that caused all four of a person’s limbs to be amputated hadn’t happened then they would still be able to do rigorous manual labor so that shouldn’t prevent from being hired to do that. You know, because it was beyond their control.

This is just like if the world was perfect and everyone was rich and successful we would not have any problems except self inflicted ones.🦄🦄🦄

[quote] they’re just loser edgelords. [R93] is a perfect example. This kind of outdated trolling isn’t taken seriously generally on other sites but DL is sooooooo behind the times that these guys still think they’re doing something, it’s so embarrassing 😂

I would not limit that to just elder gays. I know quite a few people who are younger tech bro CEOs and middle-age business people who make a shit ton of money and talk like that. Vivek Ramaswamy for example.

[quote] Honey, if you own rental property, you are too rich to be calming poverty. 99% of the population do NOT have the LUXURY of owning property they do not live in. Maybe get a job like the rest of us instead of sitting on your fat ass waiting for your INVESTMENT profits roll in.

Honey...I am going to take my "fat ass" and my meager possessions and move into your mother's basement with you. Anyone who believes that merely owning property is a LUXURY has a warped sense of reality and is too sheltered. BTW, I have a real job like the rest of you so I hope we can coordinate our schedules to see as little of each other as possible.

[QUOTE] This seems half-baked and pandering to lower class Democrats to vote for Biden.

This is the way of the world now. Medical debts suddenly vanish. Even though they really don't. Criminal record causing you issues? No problem we'll just seal the public records and pretend you never did anything wrong.

[QUOTE] I just learned CAR INSURANCE is more expensive depending on your credit. Trying to wrap my head around why that is.

Because people with lower credit scores tend to be irresponsible.

"Anyone who believes that merely owning property is a LUXURY has a warped sense of reality and is too sheltered. "

Anyone who believes that merely owning property isn't a LUXURY doesn't live in today's world. The only people who can afford to own property today are couples with two incomes and lots of money to spend.

[QUOTE] The only people who can afford to own property today are couples with two incomes and lots of money to spend.

Well, that's what you are supposed to do -- have a good income and a life plan before you start popping out crotchfruit.

This is absolutely correct. Medical debt is not the result poor choices (like credit card debt or - let's face it - student debt). It's unavoidable and there is (shockingly) virtually no opportunity to price shop or negotiate.

Biden and the bankruptcy bill

[QUOTE] It's unavoidable

Well sometimes it is avoidable. I knew two people who didn't bother to buy health insurance. Then one of them went into a diabetic coma for a week and was in ICU. They got a bill for 90K and just stiffed the hospital.

For a country we shitty healthcare, we sure like to do whatever the health we want.

With***

r113 if someone cannot afford to purchase health insurance, what makes you think they can afford a $90,000 bill to a hospital?

And you know they took a credit hit when they "stiffed" the hospital. There are always consequences to these kind of things. Health insurance in this country is a joke and too expensive. It should be medicare for all and then people like you don't have to worry your little heart over things like your friends not paying their excessive and outrageous hospital bill.

Even on Medicare, you still get bills and might need supplemental coverage for things it doesn't cover.

R106 [quote]Anyone who believes that merely owning property is a LUXURY has a warped sense of reality and is too sheltered.

So predictable, I knew you would say that. Hate to burst your bubble, but less than 50% of Americans even own one piece of property. If we assume the average home price is over 500,000 chances are you own over 1,000,000 worth of property. Doesn't matter if that just on paper. That makes you a millionaire. By definition, a millionaire is wealthy. Now, maybe in your world that net worth makes you poor, but that a fantasy construed in your head, not one based in reality.

[quote]If we assume the average home price is over 500,000 chances are you own over 1,000,000 worth of property.

Depends on where the landlord lives. The average price of a home in West Virginia is $156,000.

R118 Hate to burst your bubble, but you're wrong on both counts: 66% of Americans are homeowners, the average home sale price a/o June 2023 was $410,000. Since most of them are mortgaged (77%) to suggest that makes the owner a millionaire is specious at best.

[quote] [R113] if someone cannot afford to purchase health insurance, what makes you think they can afford a $90,000 bill to a hospital?

If they truly can't afford to purchase health insurance, even with the Affordable Care Act, they should be on Medicaid.

R121, I think insurance is affordable for many under the ACA. If you purchase a silver plan, you’re entitled to tax deductions that are pro-rated according to your income. You have to be really poor to be on Medicaid btw. I forget the details (helped a friend of my mother once), but you can’t have more than a couple of thousand dollars in the bank. And the income requirement differs from state to state but it’s around 25k a year I think.

[quote] If you purchase a silver plan, you’re entitled to tax deductions that are pro-rated according to your income.

No. You get an advance premium tax credit (much better than a tax deduction) to assist you with paying the premium all during the year. In other words, the government subsidizes all or part of your premium in advance.

R123 yes agreed. That’s actually what I was referring to. They are tax deductions allowed in advance, which is great.

For 100+ years US Corporations have had US codes and rules tailored to their financial advantage by making '$ donations' to politicians. And people get all whiney when the actual US taxpayer manages to actually get a break. boo-hoo. Even with this new rule the billion $ a year in profits US health care industry will be just fine. suckers!

One hundred and twenty-five comments and absolutely no one has mentioned the tidbit that approximately 30 percent of all entries in any given group of credit reports are incorrect for one reason or another (saying a car isn't paid off, and it is and was sold over 20 years ago, current wife has a ton of debt listed that actually belongs to previous wife, neighbor upstairs has debt listed that belongs to downstairs neighbor, etc., etc., etc.) The three credit reporting agencies in the US have the most useless, error-ridden data collections on the planet. They spend a LOT of money making sure Congress continues to suck their dicks.

The people arguing how important it is to have credit ratings are morons.

I got a bank loan for $24,000,000 ... they didn't even bother with a credit report.

[quote]They are tax deductions allowed in advance, which is great.

Again-- no, they're not. DEDUCTIONS reduce your income, not your tax. CREDITS are applied dollar-for-dollar against your tax liability.

Even better if the mega-rich were forced to foot the bill for these debts as atonement for the transfer of wealth from the middle class via corporate welfare. That is indeed a long run-on sentence. Think we could do with certain things being socialized, at least as an option. Healthcare in America is still a ripoff.