For many Americans, basic health care is still out of reach even with health insurance
NEW YORK, November 1, 2023 /PRNewswire/ — The Affordable Care Act was enacted more than a decade ago, making several preventive services available at no cost to millions of Americans. But many still struggle to financially cover their basic health needs.
In the event of a medical emergency, 28% of Americans with health insurance said they would not be able to pay their entire deductible, according to a new report released today by insurtech leader Policygenius. Even 18% of Americans with health insurance and income 80,000 dollars or more per year said they would have to borrow money or use mostly credit to cover their deductibles, making them “underinsured.”
Stun 45% of insured Americans have even avoided medical care because they knew or feared that their health insurance would not cover the cost.
The Policygenius Health Insurance Survey 2023 also found that:
- Among insured Americans who have seen a mental health professional, 42% were denied health insurance.
- 9% of insured Americans said that would go without insurance coverage if they lost their current health insurance, while 25% were unsure what they would do.
- 63% of insured Americans said that will need at least a little help to sign up for a plan in the market for individual health insurance, with 15% saying they would be “not at all confident” about it.
- Almost a third of people currently on Medicaid (32%) said they expected to be able to re-enroll in the program if they lost coverage, but 17% said they would be without health insurance. Millions of Americans are at risk of losing Medicaid coverage this year due to the end of the “continuous coverage” provision enacted during the COVID-19 public health emergency, and people are divided about how they will maintain health coverage.
“The Affordable Care Act can expand access to health insurance, but we have a long way to go before we have truly affordable health care for all Americans, and the findings in our annual survey support that. For many people who have health insurance, a medical emergency can still mean having to drain their savings, borrow money, or go into debt.” Miles Ma, a certified personal financial advisor and health insurance expert at Policygenius, said. “When choosing health insurance, you need to consider all the potential costs, not just the premium. If you can’t afford the out-of-pocket costs, like the deductible, you can’t really afford the plan. “
Policygenius commissioned YouGov to survey 2,051 Americans age 18 or older who confirmed they had health insurance at the time of the survey. The survey was conducted online by August 24 to August 31, 2023. Results are weighted to be representative of all US adults. The average margin of error was +/- 2%. You can see more data and the full methodology at Policygenius Health Insurance Survey 2023.
Policygenius, a Zinnia company, is a one-stop insurance platform that makes it easy to compare and buy policies, get unbiased expert advice and manage an insurance portfolio in one seamless digital experience. Along with intuitive enterprise technology solutions and insights offered by parent company Zinnia, an Eldridge business, Policygenius helps create better end-to-end insurance experiences for buyers, advisors and insurers alike – and empowers more people to protect their financial future along the way.
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