Study: Ranks of underinsured have swelled

Some 25 million U.S. adults with health insurance in 2007 faced financial stress due to insufficient coverage.
JUN 10, 2008
By  Bloomberg
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.

Latest News

Maryland bars advisor over charging excessive fees to clients
Maryland bars advisor over charging excessive fees to clients

Blue Anchor Capital Management and Pickett also purchased “highly aggressive and volatile” securities, according to the order.

Wave of SEC appointments signals regulatory shift with implications for financial advisors
Wave of SEC appointments signals regulatory shift with implications for financial advisors

Reshuffle provides strong indication of where the regulator's priorities now lie.

US insurers want to take a larger slice of the retirement market through the RIA channel
US insurers want to take a larger slice of the retirement market through the RIA channel

Goldman Sachs Asset Management report reveals sharpened focus on annuities.

Why DA Davidson's wealth vice chairman still follows his dad's investment advice
Why DA Davidson's wealth vice chairman still follows his dad's investment advice

Ahead of Father's Day, InvestmentNews speaks with Andrew Crowell.

401(k) participants seek advice, but few turn to financial advisors
401(k) participants seek advice, but few turn to financial advisors

Cerulli research finds nearly two-thirds of active retirement plan participants are unadvised, opening a potential engagement opportunity.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today’s choppy market waters, says Myles Lambert, Brighthouse Financial.

SPONSORED Beyond the dashboard: Making wealth tech human

How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave