Billionaire Snapchat Founder Pays Off $550 Million in Medical Debt for Californians ...Saudi Arabia

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Billionaire Snapchat Founder Pays Off $550 Million in Medical Debt for Californians

Evan Spiegel and wife Miranda Kerr just wiped out medical debt for thousands of Californians.

"We are so excited because we are announcing a partnership with Undue Medical Debt to relieve over half a billion dollars of unpaid medical debt for more than 250,000 Californians," Spiegel announced on Thursday, June 25.

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    Kerr — a former Victoria's Secret Angel — informed viewers who may have received a letter in the mail informing them that their debt has been forgiven, "it's real."

    "When someone you love is sick, all you want to do is focus on helping them get better," she added. "That's why we wanted to support this effort to help relieve medical debt, so families can focus on caring for their loved ones and really supporting their healing."

    Undue Medical Debt is a nonprofit that provides debt relief to people in need. According to the Los Angeles Times, "the organization acquires medical debt in bulk from hospitals, physician groups, collection agencies and other groups for a fraction of the cost."

    There is no application necessary to receive the payoff, and recipients will begin receiving letters in mid-July.

    According to the nonprofit's website, those who qualify for debt relief must earn less than 4 times the federal poverty level and have medical debt that is more than 5 percent of their annual income.

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