Vulcan Kapital Tax Service Partners with RIP Medical Debt to Help Hoosiers Combat Medical Debt

Vulcan Kapital Tax Service has announced its partnership with RIP Medical Debt, the national nonprofit that strengthens communities by abolishing financially burdensome medical debt. Since 2014, RIP Medical Debt has abolished more than $1 billion in medical debt for nearly 550,000 individuals and families across America.

Medical debt has been the leading cause of American bankruptcy for years. In 2013, a CNBC report revealed that unpaid medical bills would affect the finances of two million people in one year. Even of those who do not file for bankruptcy, an estimated 56 million adults will suffer in some way because of medical expenses, which accounts for more than 20% of the American population between the ages of 19 and 64.

Unfortunately, the financial strain of medical attention in the United States has led many Americans to find ways to avoid medical treatment. Whether it is skipping the doctor and hoping the issue resolves itself or deciding to live with the problem, people are taking desperate measures to avoid plunging into bankruptcy because of their medical bills.

One of the desperate measures is not taking prescription medications. Even for people with insurance, the deductibles on medications can be extremely high, especially if you are taking a less common drug. Manufacturing processes change continuously, and the co-payment for a medication you have been taking for years could suddenly rise exponentially.

How Can you Help?

• Individuals and families can participate by directly donating to RIP Medical Debt through the donate button on Vulcan’s website home page, or by filing taxes at vulcankapital.com. Their tax filing service is competitively priced at a flat fee of $25 for both Federal & State, making it an easy and convenient way to help make a difference. Vulcan Kapital has committed to donate 20% of all revenue collected through their online business to help relieve this ever-growing burden.
• RIP Medical Debt uses your donations to purchase bundled medical debt portfolios from some hospitals and the secondary debt market, and then forgives that debt for pennies on the dollar. On average, $1 is leveraged to abolish on average $100 in medical debt, and every donation through this page will be spent directly on abolishing medical debt.
• When debt relief recipients open the yellow envelope from RIP, they are told that their debt has been bought by a third party and erased with no strings attached. They owe nothing on the debt and face no tax penalty.