Report shows that insurance for children is lacking in state-based exchanges and the private market
The Wakely Consulting Group has released a report showing the disparity in coverage for children between state insurance exchanges and Children’s Health Insurance Programs. These programs are jointly funded by the federal and state governments and exist to provide insurance coverage to children. In many cases, coverage for children is somewhat lacking in the private market, and this may also be the case for insurance exchanges. These exchanges typically offer policies that are very similar to those that can be found in the private market, which is why they may offer lackluster coverage for young people.
Coverage for kids is more expensive through an exchange than it is through a government program
According to the report, the out-of-pocket expenses for a child’s coverage through a state-based insurance exchange is higher than the costs of coverage through Children’s Health Insurance Programs. In Colorado, the report suggests that a family of four with an annual income of $50,000 will spend $161 a year through the state’s child insurance program, while this same family would be spending some $960 a year for coverage sold through the private market and the state’s insurance exchange. For families with children with chronic health issues, such as asthma and diabetes, these costs begin to grow significantly.
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Government programs may be best suited in addressing children’s health issues
The report has found that there are significant differences in the coverage provided through a state’s exchange and that which is offered through an insurance program. This may not be surprising, as Children’s Health Insurance Programs are designed to address a very specific issue. Typically, programs that have a very singular focus tend to excel at addressing problematic issues that align with that focus. While insurance exchanges have been able to offer coverage to millions of people throughout the U.S., these exchanges may not be meeting the insurance needs of children.
Government programs offer better specialty care coverage
The average insurance plan sold through exchanges and the private market has restrictions concerning specialty care. This care involves routine visits to health care providers and various types of common exams. Plans from government insurance programs have fewer restrictions, making them more capable of meeting a child’s health care needs.