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Hospital Charges Patients 18% Interest Rate on Medical Debt

By Mike Adams, January 23, 2009 | Key concepts: Hospital bills, Medical debt and Interest rates

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Minnesota's Attorney General is suing Allina Hospitals & Clinics for charging patients 18% interest on medical debt.

Health care in America is a profit-centered business, of course, and that involves extracting as much money from patients as possible. Allina Hospitals likely would have liked to charge even more for financing medical debt, but state law limits the interest rate to 18 percent.

The Minnesota AG wants the hospitals to issue refunds to patients who paid the 18 percent interest rates.

The U.S. health care system is a perfect recipe for bankruptcy at all levels: Families, businesses, cities, states and even the entire nation. Unless we reform the health care system to focus on prevention and nutrition education instead of the business of treating symptoms with expensive pharmaceuticals, it almost doesn't matter who pays how much for what. There isn't enough money in the whole world to fund a population trapped in a sick-care system based on corporate profits instead of patient health.

The whole reason Allina Hospitals was likely charging 18 percent interest on medical debt is because fewer and fewer people can afford to pay their medical debt in the first place (making it very expensive to try to collect that debt). With 50 percent of household bankruptcies now due to medical bills, the disease-based U.S. economy has reached a degree of financial absurdity that threatens to bankrupt the whole country.

To this day, conventional medicine outright refuses to teach patients about vitamin D. The cancer industry is run by crooks who actually promote cancer (by refusing to teach cancer prevention), and the FDA remains a Big Pharma pill-pushing racket that betrays the American people on a daily basis.

If the Minnesota Attorney General really wanted to shake up the sick care cartel, he should sue the drug companies for their monopolistic marketing practices. Too bad a state AG can't sue the FDA, too. They're running the largest medical monopoly racket the world has ever seen!

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Hospital Charges Patients 18% Interest Rate on Medical Debt

From Blogs.wsj.com: The AG wants the hospital to give a refund to patients who paid interest she says is excessive. The legal debate turns on whether the hospital’s debt program constitutes an “open-ended credit plan” under state law, the Minneapolis Star Tribune reports. The law allows such plans to charge 18% interest.... more

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