Snap CEO Evan Spiegel and Miranda Kerr help erase $550 million in medical debt for Californians

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Set us as preferred Snap Chief Executive Evan Spiegel and his wife, supermodel Miranda Kerr, have helped pay off $550 million in medical debt for more than 261,000 Californians.The couple made a multimillion-dollar donation to Undue Medical Debt, a nonprofit that provides debt relief to people in financial need.The organization acquires medical debt in bulk from hospitals, physician groups, collection agencies and other groups for a fraction of the cost.“When someone you love is sick.

All you want to do is focus on helping them get better,” Kerr said in a video with Spiegel.“That’s why we wanted to support this effort and help relieve medical debt, so families can focus on caring for their loved ones and really supporting their healing.”The couple and the nonprofit didn’t disclose the exact amount of the donation, but a small gift can go a long way.

Every $10 donated to Undue Medical Debt relieves an average of $1,000 in medical debt.The gift comes as Americans struggle with the medical debt and rising cost of living.California is one of the most expensive states to live in because of soaring housing costs and energy prices.

Concerns about wealth inequality have sparked heated political debates about how much billionaires should contribute.In the United States, 1 in 4 adults are in medical debt, said Undue Medical Debt President and Chief Executive Allison Sesso in a statement.“It’s a growing crisis undermining healthcare access, economic wellbeing and mental health and we’re so grateful that Evan Spiegel and Miranda Kerr share our belief that no one should go bankrupt because of a cancer diagnosis and no family should have to choose between insulin and groceries,” she said.Californians whose medical debt have been paid off will start receiving a letter in mid-July from Undue Medical Debt informing them o...