Many people in the US cannot afford the deductible on their health insurance policies
The Kaiser Family Foundation has released a new report that shows that more consumers in the United States have health insurance, but fewer of these people are actually able to afford the deductible on their policies. The Affordable Care Act has helped make insurance coverage more accessible to consumers, but the law has not made deductibles for new policies affordable. Many consumers with mid-to-high range plans are unable to afford their deductibles because of a lack of liquid assets.
Deductibles are too expensive for 25% of consumers with insurance coverage
The report shows that 25% of consumers in the United States do not have enough cash to cover their deductibles. Policyholders must pay out of pocket for their medical care until their reach their deductible, otherwise their insurance policies do not provide coverage for such care. Some plans will cover the costs of very minor care and doctor visits before having to meet the deductible, but in the event of a serious medical issue, this is not the case.
Those with high-deductible plans are less likely to seek out medical care
High-deductible plans are particularly popular among those that are healthy. According to the report from the Kaiser Family Foundation, those with high-deductible health insurance plans are more likely to put off receiving medical care when they need it, simply because they cannot afford the deductible. These consumers are also more likely to fall into medical debt because they cannot cover the cost of the care they receive and their insurance policies do not offer coverage for care until the deductible is met.
Report shows that much of the debt sent to collections agencies comes from medical bills
A recent poll from Gallup showed that many Americans put off receiving medical care for themselves and their families because they cannot afford this care. Another report from the Consumer Financial Protection Bureau found that nearly half of all debt that is sent to collections agencies in the country represent medical bills. Despite health insurance becoming more affordable, medical care continues to be an expensive problem for consumers.