Study: Ranks of underinsured have swelled

Jun 10, 2008 @ 12:19 pm

By Darla Mercado

Some 25 million U.S. adults with health insurance in 2007 faced financial stress due to insufficient coverage, according to a study from The Commonwealth Fund.

The ranks of the underinsured have increased by 60% between 2003 — when the New York-based health research foundation performed its first analysis — and 2007.

The full results were published today in the Health Affairs journal.

Health care premiums have skyrocketed between 2000 and 2007, rising by 91% compared to only a 24% increase in wages.

Last year, 17.2 million individuals said that their out-of-pocket medical expenses were equal to at least 10% of their family annual income, compared to 8.9 million in 2003.

The study noted that adults with annual incomes below $20,000 were at the highest risk of being uninsured or underinsured,

But people in higher wealth brackets have also been affected: 22 million people with income between $40,000 and $99,999 said they had insufficient coverage, compared to 9 million in 2003.

Meanwhile, seven million people who make more than $100,000 said they were uninsured in 2007, up from one million in 2003.

Although individuals between ages 50 and 64 were most likely to be insured, fewer of them had sufficient coverage, as 65% were fully insured last year, down from 74% in 2003.

0
Comments

What do you think?

View comments

Recommended for you

Sponsored financial news

Featured video

Events

Creating client events with a 'wow'

Financial adviser Ryan Furstenau has turned his passion for Dodge Vipers into new clients. Learn about his event and how it has helped him prospect in a small community.

Video Spotlight

The Search for Income

Sponsored by PGIM Investments

Recommended Video

Path to growth

Latest news & opinion

How does your advisory firm stack up?

Comparing a firm's pay to the competition can point out vast flaws.

10 signs your client is cheating on you

Sure signs that clients may be on the way out the door.

Morgan Stanley sees slower fee-based asset flows on fiduciary rule delay

Flows to advisory accounts, while still higher than the start of 2016, dropped off more than 20% from Q2 and were the lowest in a year.

How adviser salaries stack up to other jobs

Median compensation hovers just under $100,000 on the low end and reaches nearly $300,000 for bosses.

Finra ranking brokers in effort to crack down on industry's bad apples

All 634.403 reps have been ranked based on factors such as prior regulatory disclosures, disciplinary actions and employment history.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print