Discussion points at VitalOne > Inexpensive Health Insurance & Medical Care Missing for the Underinsured
Inexpensive Health Insurance & Medical Care Missing for the UnderinsuredWhile the 16% of the U. S. population who have no health care coverage at all receive media attention, we hear a great deal less about the 24% of Americans considered "underinsured." However, a recent survey conducted by Consumer Reports and printed in their September 2007 issue sheds light on this growing group and the problems they may be facing by having inadequate family health insurance coverage or individual health care plans. Underinsured Americans do have some health insurance coverage. However, that coverage is not sufficient to cover their medical expenses, such as prescription drugs and medical tests. They may also face costly co-payments, high deductibles, and large medical bills due to high co-insurance percentages on their end. Individuals classified as underinsured are not living in poverty or
working in low-paying jobs either. The average income for survey participants classified as underinsured was $58,950 and more than 20% of the underinsured earned over $100,000 a year. The problem for these individuals is that even with middle and upper middle class incomes their available resources for covering medical costs cannot keep up with the growing expenses of prescriptions, co-payments, and insurance premiums. According to the Consumer Reports' survey, over 40% of the underinsured have put off going to the doctor simply because they could not afford it. Nearly 30% admitted they had to delay filling prescriptions for the same reason. Some also reported having to resort to drastic measures to cover their medical care costs, including draining their savings, racking up credit card bills, and withdrawing from their retirement accounts. Despite these efforts, 27% of the underinsured were still in debt for medical bills and 3% were so desperate they filed bankruptcy. Unfortunately, the lack of comprehensive yet inexpensive health care insurance plans puts this growing group of Americans at risk and affects other aspects of their lives, including when they will retire and if they will change jobs. More than 50% have even put off medical treatments they felt were necessary simply because of the costs. Consumer Reports also discovered that the uninsured and underinsured weren't the only groups suffering under the growing medical costs in this country. Because insurance premiums have risen three times faster than inflation over the last five years, employers who provide health insurance as an employee benefit have been hit hard. In just six years, the average monthly cost of this benefit to an employer has nearly doubled. With figures like those, it's no surprise fewer and fewer businesses can afford to offer health coverage any more. Although the picture looks bleak, some actions are being taken around the country to help the uninsured, underinsured, and struggling employers. Several New England states have already passed laws to provide affordable health insurance for everyone, including individuals who can't afford to buy their own individual health care plans. Similar plans are being considered by other states as well. The bottom line is the plight of the underinsured illustrates the need to shop around and find the most comprehensive, as well as most inexpensive health insurance, you can find. Not all plans are created equal.
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