Most of us are familiar with the term “underinsured” as in other drivers because of our auto policies, but it can also apply to your health insurance. In this last week of open enrollment for the Affordable Care Act, we wanted to bring this to your attention. In the past few years it’s clear that millions have been underinsured. The average state-by-state estimate is 12% of the population.
Being underinsured means several things:
- Folks are choosing the cheapest plans that give “skinny” or limited coverage in the case of sickness.
- Many are going without care because treatment costs in the form of deductibles and co-pays are too high.
- Most don’t realize they have thin coverage until they use their insurance and then get rocked by outsize bills.
This may persist even in the midst of health care overhaul because choosing insurance that fits your wallet and your needs is a complicated, multi-faceted decision. Talk to us at WellFit Financial where we can show you how adequate health insurance coverage is a cornerstone of the overall big planning picture.
Read more in this article from CommonwealthFund.org: America’s Underinsured: A State-by-State Look at Health Insurance Affordability Prior to the New Coverage Expansions.
We welcome your comments or questions.