A church bought more than $10 million in medical debt just to pay it all off

• The Covenant Church in Carrollton, Texas, paid off more than $10.5 million in medical debt.
• The debt forgiveness went to local individuals and families, particularly veterans and active duty military members.
• The debt cost only $100,000, but medical debt remains a major issue in America.

The Covenant Church in Carrollton, Texas bought up more than $10.5 million in medical debt — just to pay it all off.

The church raised $100,000 in April for a charity called RIP Medical Debt, which buys medical debt for pennies on the dollar in order to forgive it.

Stephen Hayes, the pastor of Covenant Church, has been deeply concerned about the high cost of healthcare since he was a teenager. He told a local NBC affiliate that he knew the struggle first-hand, after being in a car accident when he was younger.   

At 17, Hayes was hit by a car while crossing the street and was comatose. Doctors told his parents he'd never walk or speak again. But after 12 days of intensive medical care, he was on the path to recovery.

​​"You don’t need to buy a plane ticket to reach the nations. You can just go next door.” -Pastor @stephenmhayes We care about diversity because God made diversity. It’s beautiful! This weekend Pastor Stephen is going to continue the series, Huemanity! You don't want to miss it! Carrollton, Colleyville, McKinney 8:30am, 10:00am, 11:30am Cross Roads 9:30am, 11:00am

A post shared by Covenant Church (@covlive) on Apr 20, 2018 at 5:07pm PDTApr 20, 2018 at 5:07pm PDT

His experience, Hayes told NBC, inspired him to help the less fortunate. The money the congregation raised went to 4,229 individuals and families, including veterans and military members in the Dallas-Fort Worth area, according to the Dallas Observer.

"The $100,000, you invested Covenant, paid off a total of $10,551,618! Gone, gone, gone, done!" Hayes told the church's congregation, according to NBC.

Medical debt is a serious problem in the United States. According to the Kaiser Family Foundation, which researches public health issues, 43% of adults have difficulty affording their health insurance deductible and a third have trouble affording their premiums. And according to the Urban Institute, 25% of Americans have some form of medical debt. The percentage of Texans with medical debt is even higher.

Hayes told the Dallas Observer that paying off the debt was the right thing to do.

"Being someone who has felt the crushing weight that can come with medical debt, I felt strongly that the ability to buy it for just one penny on the dollar was not just a great opportunity but also an act of good stewardship," he said.

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