June 30, 2021 | US Health Share

Many Americans are left underinsured due to the rising costs of health insurance policies.The cost of medical care is on the rise, and for many Americans, paying for doctor’s visits and medical procedures out-of-pocket is financially impossible. Many purchase health insurance policies in an effort to keep out-of-pocket medical expenses manageable.But today the insurance policies themselves are financially out-of-reach for many Americans, given their increased costs. As of 2020, the average premium for a health insurance policy for individuals was $456 and $1,152 for families per month. And deductibles add to that cost, with individuals paying $4,364 annually on average, and families paying $8,439. What about the people who cannot afford that much annually?Underinsured Americans by the NumbersA recent health insurance survey conducted by the Commonwealth Fund found that the number of Americans who are underinsured is on the rise. Who are these underinsured Americans, and why are they in this predicament?Here are some of the highlights from the survey:12.5% of adults were uninsured21.3% of adults were underinsuredHalf of the adults who were uninsured or underinsured claimed to have trouble paying medical billsOne-quarter of adults who were continuously insured also reported problems paying their medical billsThose who reported problems paying their medical bills experienced ongoing financial issues, including reduced savings and damaged credit scores.Who is Underinsured in the US?Health sharing ministries provide a more affordable alternative to conventional health insurance.According to the survey, the following demographics were found to have the highest underinsured rates:Visible minorities. Latinos and Blacks were more likely to be underinsured compared to whites. More specifically, the survey found that 43% of Latinos and 24% of Blacks were underinsured, compared to 17% of whites.Young adults. 28% of young adults between the ages of 19 to 34 years were underinsured, compared to 14% of those between the ages of 50 to 64 years.Low-income adults. 34% of those over the 133% federal poverty level (FPL) mark were underinsured, compared to 10% of higher-income individuals.Small business workers. 38% of workers who are employed with small businesses with less than 20 employees were underinsured, compared to 12% among those who work for companies with at least 100 employees.The cost of premiums and deductibles are increasing faster than wages are, leaving many Americans unable to maintain health insurance policy costs to help them cover their medical expenses. With health insurance costs taking up a larger chunk of their household budgets, many Americans are left underinsured.But there is another cost-effective option out there.Health Sharing Ministries Can Help the Underinsured in the USWith rising costs of health insurance policies making it increasingly difficult for many Americans to ensure continued medical coverage, it may be time for the underinsured to seek out options other than traditional insurance. Health sharing ministries provide a more affordable option, helping members save as much as 30% to 40% compared to the cost of conventional health insurance plans.If you’re finding it difficult to keep up with the rising costs of health insurance, it’s time for a change. Get in touch with a representative from USHealthShare to discuss how to share the health.

Day: June 30, 2021

Underinsured in America: What Does The Data Tell Us