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New Trends in Medical Insurance: Will Economic Woes Eclipse the Health Care Issue?
September 2008
As the economy reels from record losses on the stock market, and a dangerous credit freeze appears eminent, many people are forced to ask how this will impact the medical insurance market now and in the future.
Specifically, will politicians be able to deliver on their health care promises?
Most economic experts say no, or at least suggest it's going to be awhile before we'll have enough money to completely restyle our failing medical insurance system. However, on the other side of the debate are those who suggest that we can't afford to let health care get any worse.
According to a new study by the Commonwealth Fund, the number of working-age Americans with medical bill problems, or who are paying off medical debt, climbed from 34% to 41% between 2005 and 2007, bringing the total to 72 million.
On top of that, the number of Americans over age 65 with medical bill problems is now 7 million, bringing the total to 79 million adults.
Forty-one percent - that's nearly half of Americans struggling to pay for their health care. And when they can't other financial problems arise. People go through their savings, incur credit card debt, and are unable to pay for basic necessities like food, heat or rent.
And this isn't just a situation for those who can't afford medical insurance. A full 61% of those struggling to pay those debts already have coverage. This means not only can people not afford coverage, but even those who do pay are often unable to cover expenses when they get sick or injured.
Certainly the economy needs immediate attention before things slip out of control and get even worse, but it's also important to remember that economic hardship comes in many forms. Health care costs have almost doubled for individuals and families just in the last 9 years.
And we can't afford for medical insurance to cost more - what options are there need to be expanded, and costs need to be minimized, fast.
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