GALVESTON, Texas, Oct. 12, 2016 /PRNewswire/ -- Though the economy has improved since the 2008 recession, a significant number of Americans are still finding it difficult to afford health insurance.
A whitepaper released by Standard Life and Accident Insurance Co. illustrates which segments of the population still find affordable health insurance elusive and how limited medical plans can help.
Millennials are paying back student loans while working in entry-level positions. Those who work minimum-wage jobs continue to struggle. And even families who qualify for subsidies through the ACA may still find it difficult to make ends meet.
A Gallup editorial shows the number of Americans who are unemployed and underemployed - those working part time but wanting to work full time - may number as many as 30 million.
Though the economy has recovered since the 2008 recession, some statistics show that not everyone is benefitting equally:
- Cost of living for millennials remains high. Many continue to rent their homes or apartments and rent increases are outpacing wage growth.
- Though some families may qualify for subsidies through the ACA, they have to contribute as much as 9.5 percent of total household income in order to receive them.
- More employers are pushing rising health care costs onto employees. Copays continue to increase and more employers are offering high-deductible plans only.
Limited medical policies have become less attractive options to these segments of the population. These policies can act as supplements to high-deductible, high copay plans, helping defray costs, or provide coverage to those who still find insurance through federal or state exchanges to be too expensive.
"Despite the improvement in economic conditions in the U.S. over the last eight years, it is unfortunate that there are still Americans who find it difficult to afford health insurance," said Debie Knowles, Vice President, CMO, Standard Life and Accident. "Limited medical plans are an excellent option to supplement plans that require insureds to pay a significant amount out of pocket. Or for those who decide to forego insurance and pay the ACA penalty, a limited medical plan is an option that can provide some coverage when they need it."
About Standard Life and Accident Insurance Co. - Standard Life and Accident was founded to provide clients with realistic life and health products that solve their needs for financial security. Standard Life also offers competitive supplemental health products in the Worksite market.
Debie Knowles, Vice President, CMO
Standard Life and Accident Insurance Co.
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SOURCE Standard Life and Accident Insurance Co.