2019 OCT 16 (NewsRx) -- By a
When customers were asked why they did not enroll in an ACA plan instead of short term health insurance, most said they only needed a temporary option (38%) or didn’t want to be “tied down” (24%). Affordability was the driving response. Thirty-one percent of survey participants said they didn’t qualify for a subsidy and ACA premiums were too expensive for their budget.
Of those who lost their employer health insurance, 80% stated they couldn’t afford COBRA coverage which forced them to seek an alternative solution.
When asked what is the greatest concern facing the health insurance market today, survey participants said out-of-pocket costs were the No. 1 issue they are concerned about when it came to healthcare.
73% are concerned about the high monthly cost of insurance.
56% worry about paying for medical bills out of pocket.
44% are concerned about high deductibles.
Losing access to an in-network doctor was the least of their concerns when it came to fears about healthcare sustainability.
“Short term health insurance is extremely important to the market because it fills a temporary need and provides consumers added financial protection should an unexpected accident or illness strike while they are waiting for permanent major medical coverage. Our customers also expressed that ACA coverage was either too expensive or they wanted coverage right away and didn’t want to commit to permanent coverage while they were figuring out next steps,” said
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