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Underinsured Life Threatening Costs

While the healthcare industry has made significant strides in decreasing the number of people who are uninsured, thousands of Americans remain Underinsured Kaiser pic 091305underinsured, an estimate 31 million If you are underinsured, it means you are paying more for healthcare than you can afford, even if you are currently enrolled in a health insurance plan.The healthcare industry is doing well to lower the number of people who are uninsured. The growing problem that has not been addressed is underinsured people. Various studies have found individuals and families who cannot afford care often delay required care, skip prescriptions, and defer a variety of other essential health services. A recent study in 2014 showed diabetic patients, who had increases in copayments, dropped antidiabetic drug use by 23% (AAOS, 2008). Antidiabetic drugs are crucial to maintaining one’s health.

Besides the significant health risks of being underinsured, the financial implications can be devastating. In fact, the largest cause of bankruptcies in the U.S. is due to medical bills. In 2013, nearly 2 million people declared bankruptcy due to healthcare costs (NerdWallet Health). The astonishing part is that 61% of those who filed for bankruptcy were insured.

CollinsUnderinsured_IG_ 091315To make matters worse, Modern Health reported this year, there was no decrease in the number of underinsured people between 2012 and 2014 despite health care reform. Currently, one in four Americans are remain underinsured The percentages of underinsured by state are staggering, which hasn’t even started to be addressed. The Affordable Care Act, ACA, offers a credit, but it’s not enough to be reimbursed afterwards, if you can’t afford the care upfront.

The devastating part of being underinsured, reported by the Commonwealth

Forty-seven percent used all of their savings

Nine percent took out a mortgage against their home or a loan

Seven percent declared bankruptcy

If you have questions about medical bills or coverage, contact Healthcare Deciphered. Underinsured is avoidable with the right tools and expertise to guide your way. Contact us at healthcaredeiphered@gmail.com. Your health and financial status matters, being underinsured is a problem.

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*Images from The Henry J. Kaiser Family Foundation and the Commonwealth Fund.

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