MOUNTAIN VIEW, Calif., June 29, 2020 /PRNewswire/ -- GetInsured, a health insurance marketplace platform provider, purchased and retired $1.6 million of medical debt in the State of New Jersey after a new survey revealed that 60 percent of respondents in the state have faced high or surprise medical bills. The New Jersey Resident Medical Debt Survey also revealed that given the circumstances surrounding the COVID-19 pandemic, more than half of those without health insurance would consider enrolling in a plan if the state were to open a special enrollment period. According to the latest data by Infection2020.com, the State of New Jersey has been hit second-hardest with the novel coronavirus in terms of deaths and third in terms of cases in the United States.
"Faced with a public health emergency and an economic crisis, having a state-based marketplace offers states the flexibility to act quickly and in the best interest of their residents," said Chini Krishnan, co-founder and CEO of GetInsured. "We applaud the efforts of local policymakers in working to bring this to fruition, and, particularly in light of the pandemic, we are glad to be able to assist some residents by clearing their medical debt."
GetInsured's philanthropy is a continuation of the company's state-by-state effort to steadily eliminate as much medical debt as possible across America. New Jersey is the fifth state to receive a charitable contribution from GetInsured, and the fourth state in which the Company has polled residents on the issue of medical debt.
According to the GetInsured survey, emergency care was cited as the leading health / medical service that led to medical debt or financial hardship by more than one-third of New Jersey respondents (36 percent), despite the fact that more than 90 percent surveyed have health insurance.
GetInsured teamed up with RIP Medical Debt, a nonprofit organization, to locate and purchase medical debt across New Jersey. Those who will benefit from GetInsured's donation earn less than two times the federal poverty limit and have spent more than five percent of their gross income on medical bills. Also helped by the debt purchase were those who are insolvent due to medical debt, meaning they owe more due to medical expenses than assets they own.
Earlier this year, the New Jersey Department of Banking and Insurance announced that GetInsured was selected to develop and operate the technology to transition from the federal marketplace to a state-based exchange for Plan Year 2021, in order to improve health coverage access for New Jersey residents, and allow the state more autonomy over its health insurance market.
The GetInsured New Jersey Resident Medical Debt Survey was conducted online in March 2020 among more than 400 adults ages 18+ who reside in New Jersey. For more information about this survey and GetInsured's commitment to alleviate medical debt nationwide, visit https://company.getinsured.com/medical-debt-forgiveness/.
Founded in 2005, GetInsured builds and operates award-winning enrollment tools that serve state-based exchanges, brokers, insurers, and consumers. In addition to eligibility determination, plan selection, and enrollment technology for state agencies, the company delivers innovative agent marketing and call center tools and services. GetInsured has the largest state-based marketplace footprint, and operates the technology for five state health exchanges, including Nevada, California, Idaho, Minnesota, and Washington State. The company is currently launching exchanges in Pennsylvania and New Jersey, which will bring the total number of individual enrollments nationwide to 2.5 million for the 2021 plan year. To learn more visit company.getinsured.com.