a The benefits of having insurance are many. People with health
coverage spend less out-of-pocket for medical care. Their financial
future is more secure due to decreased risk of catastrophic medical
payments (Tozzi, 2018). Persons with insurance are more likely to see
the doctor more frequently and get more preventative care and some
studies have suggested that having insurance reduces the likelihood
of death (Kearney, et al., 2021). Despite the advantages of health
insurance “nearly 46% of insured adults report difficulty affording
their out-of-pocket costs and one in four (27%) report difficulty in
affording their deductible” Kearney, et al. (2021). When you consider
the impact of vision, dental, and prescriptions the economic cost is
even greater. 39% of adults have put off dental care because of the
cost and 25% say they have difficulty affording their prescriptions
(Kearney, et al., 2021). The decision to carry insurance or not most
often comes down to cost.
a Prior to the adoption of the Affordable Care Act (ACA) there were
circumstances where insurance companies may deny coverage due to
pre-existing conditions. That is no longer a significant reason for
failure to have health insurance. The ACA didn’t just expand coverage
it also made significant changes in the way that medical costs are
shared. That has been favorable for some individuals and families and
others are now paying more. For those at or near the poverty line
Medicaid is provided at no cost, subsidies are provided for those up
to a certain threshold (Currently about $100K). Above the threshold,
people pay the total cost. Because insurance companies are barred
from charging the sick more or refusing coverage, the cost for the
healthy have increased to cover the costs for all (Tozzi, 2018).
Kearney, A. (2021, December). Americans' challenge with health care
costs. KFF. Retrieved January 31, 2022, from https://www.kff.org/
Tozzi, J. (2018). Why some Americans risk it and are skipping health
insurance. Bloomberg.com. Retrieved January 31, 2022, from
https://www.bloomberg.com/
