Finances Hurt by Americans' Low "Insurance IQ," Health Insurance Companies Try to Change Their Image, and the Demonization of Single-Payer Health Insurance
Welcome to this installment of the Weekly Health Insurance News Roundup. In this edition we have three articles on varying topics, but all of which are interesting in their own way. Our first article comes to use from the Associated Press and is entitled, "Survey: Americans' low insurance IQ hurts finances." In this article, they look at the results of a recent poll conducted by the National Association of Insurance Commissioners that shows that most people are unaware of many options concerning not just health insurance, but other types of insurance as well.
While the article isn't solely about health insurance, what it has to say about the knowledge of health insurance is somewhat startling. Apparently, fewer than half of those surveyed knew of other options for health insurance coverage upon job loss, and simply went with COBRA, which is an expensive option. Also, only 58 percent of those surveyed knew that health insurance won't cover their living expenses if they become disabled.
These figures show that more people need to be educated about their health insurance options, which the article discusses. The article recommends educating yourself before shopping around for a policy, as well as shopping at many companies to get a range of health insurance quotes. They also recommend you review your policy to see if it has the coverage you need. These basic steps should help you be more knowledgeable and education on the ins and outs of insurance, and should hopefully help you save money in the long run.
Our next article, also from the Associated Press, is entitled, "Health insurers try for a major image makeover." In this article, it discusses how many health insurance companies are trying to remake their image into a group that wants to work with government in order to bring about reform. Their pitch is that they are in a unique position to help make health care more efficient by rooting out waste and improving quality.
While some see this as an improvement over their previous stance on reform, and are making inroads to getting a new message out, some still aren't convinced. There are those who believe that having a mandated system based on forcing everyone to purchase private health insurance can't be done, as not everyone would be able to afford it. With the growth of government-run programs like Medicare and Medicaid, and the dwindling of those receiving employer-based health insurance, health insurance companies might see a partnership with the government as a win-win. Whether the current administration works with them toward an achievable result in health care reform remains to be seen, but it's an interesting story to watch.
Our final article is somewhat related to an article we looked at last week that proposed a "Medicare-for-all" type of health care system. In an article by Bloomberg entitled, "No Reason to Demonize U.S. Single-Payer Health," author John F. Wasik takes a pretty hard look as to why few people, including the President, are discussing this radical option in health care reform. According to this article, single-payer health insurance would save over $400 billion annually in administrative costs alone while providing "cost containment provisions" to keep costs in check. The article calls the White House and the mainstream media to task for not only barely covering this option, but also seeming fearful of it.
The article looks at how health insurance premiums have increased over 100 percent since 1999 according to the Kaiser Family Foundation, how employers are asking for more in payment from employees while offering less in return, and how, every thirty seconds, someone in this country files for bankruptcy due to medical expenses. The article then looks at how a grace period would help us transition from our current system to a single-payer system, and how a working model of such a system already exists in the National Health Insurance Act. Overall, it'll be interesting to see if this method of reform gets more coverage from both politicians and the media.
This concludes this edition of the Weekly Health Insurance News Roundup. As always, we hope you've found the information useful, informative and interesting, and hope you have a happy and healthy day.
