HB257
Enact the Ohio Medical Debt Fairness Act
Summary
The Ohio Medical Debt Fairness Act limits the interest rate on medical debt to a maximum of 3% per annum, prohibits the reporting of medical debt to consumer reporting agencies, and establishes conditions under which medical debt cannot be collected from individuals who fail to obtain required health insurance coverage for their former spouse or children. The act applies to medical debt incurred on or after its effective date.
Rationale
The bill imposes restrictions on the collection and reporting of medical debt, which may conflict with the Libertarian principles of free markets and voluntary contracts. However, it also aims to protect individuals from excessive debt burdens, aligning somewhat with the LPO's focus on individual rights and economic fairness.
Risks and Concerns
- Potential for increased government intervention in private contracts
- May lead to unintended consequences in the healthcare market
- Could reduce the incentive for individuals to obtain health insurance