MADISON, Wis. (5/18/15)--Credit unions looking for information and tools to help members with medical debt now have an added aid, a Medical Debt Toolkit, recently released from the National Credit Union Foundation.
The new Medical Debt Toolkit from the foundation contains information collected from a range of sources and provides credit union staff with a framework to identify medical debt issues and help members resolve their medical debt. It also provides information on how staff can help members quickly reduce or at least limit some medical bills.
“Part of improving people’s financial lives is to meet them where they are in life,” said Gigi Hyland, the foundation’s executive director. “Medical debt is a widespread problem that can create havoc with people’s financial lives. Often, members with medical debt are also experiencing broader financial problems and need assistance not only to address their medical debt issues but also need help with other aspects of their finances.”
According to a 2012 health insurance survey by the Commonwealth Fund, 75 million people or 41% of working-age adults experienced medical bill problems. The same survey found that 48 million or 26% of working-age adults had medical debt or were paying off a medical bill over time.
Related to the new toolkit, the foundation will broadcast a webinar, “Counseling Members with Medical Debt,” in partnership with the CUNA Center for Professional Development June 14.