Hundreds of thousands of Californians are about to get an unexpected financial lifeline after Snapchat CEO Evan Spiegel and his wife, supermodel Miranda Kerr, helped erase a staggering $550 million in medical debt.
The couple made a multimillion-dollar donation to Undue Medical Debt, a nonprofit that purchases unpaid medical bills in bulk from hospitals, physician groups and collection agencies at a steep discount before canceling the debt for qualifying patients.
Beginning in mid-July, more than 261,000 Californians whose balances were eliminated will reportedly receive letters notifying them that their medical debt has been forgiven.