RIP Medical is a 501(c)(3) nonprofit started in 2014 by two former debt collectors, WSB-TV reported. The company uses donated funds to purchase portfolios of bundled medical debt on the secondary debt market for pennies on the dollar.
It specifically buys accounts for those most in need -- individuals: two times or below the federal poverty level, insolvent and/or with debts that are 5% or more of gross annual income.
Young donated $10,000 through the Trae Young Foundation to target relief in the Greater Atlanta Area.
Through this charitable act, $1,059,186.39 of medical debt will be erased.
The average amount abolished is $1,858 for 570 people. Those benefiting from relief will receive a branded, RIP yellow envelope, which landed in Atlanta on Jan. 3.