re: Biden administration to ban medical debt from credit reports

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In a sweeping change that could improve millions of Americans’ ability to own a home or buy a car, the Biden administration will propose a rule Tuesday to ban medical debt from credit reports.

The rule, which will be announced by Vice President Kamala Harris and Consumer Financial Protection Bureau Director Rohit Chopra, comes as President Joe Biden beefs up his efforts to convince Americans his administration is lowering costs, a chief concern for voters in the upcoming election.

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Not sure how a government can dictate what a private business uses to measure credit risk. Yet another unconstitutional overreach that the board leftists love.

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Rest of the civilized world: "What's 'medical debt'?"

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As they are on month 2 waiting to see a doctor.

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What happens when medical providers start demanding payment in full up-front?

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most urgent care's around me already require this. as do GP's.

You're not turning away a gunshot victim or someone who's gallbladder exploded without payment up front.

people out here really not understanding what racks up huge medical debt.

it's not getting the flu.

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True but

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No, it's not true.

Just ban balance billing. Insurance has a contracted rate/allowance and companies purposefully charge more than that and bill patient for the rest. Had to pay 800$+ upfront at surgery center before my recent knee surgery.

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Explain this to me like I am a 2 year old. What happens if the entire system, which is broken already, crashes. Could that lead to a concierge medicine explosion where if you want good care you have to actually pay for it up front or have some type of private insurance or membership plan with a certain medical group? Theoretically could this lower the price for everyone paying if freeloaders are not leeching off the system?

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Insurance companies make profit. So from a super high view you would have greater competition for the dollar and less money going to manage claims. I dont know how much money Doctors and hospitals spend trying to colllect money or play by the insurance rules..but I bet it is a bunch. So take that money and the insurance profits and that would be the savings to the American people. Then get rid of all the free care they give away that would disappear under the new system and you would see the paying customer realize quite a bit of savings through a lifetime. Now, would the average American save for the high cost senior years? I doubt it. But boy wouldnt it be something for the American economy.

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Rest of the civilized world: "What's 'medical debt'?"

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The European countries are only able to do that because they don't have to spend the money on defense that the US provides.

what exactly are we out there "defending"?

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This doesn't stop the hospital from selling the debt to collection agencies who can then report it under their agency name.

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I don't think this is true based on a quick read of the rule.

So hospitals can’t refuse care, and not paying your bill has no consequences. And we are allowing millions across the border who have little money, no insurance, and a known reputation of gaming the system.

What could go wrong