Home > NewsRelease > High Deductible Health Plan Growth Places Millions At Risk Advises Critical Illness Insurance Association
Text Graphics
High Deductible Health Plan Growth Places Millions At Risk Advises Critical Illness Insurance Association
From:
American Association for Long-Term Care Insurance American Association for Long-Term Care Insurance
Los Angeles , CA
Thursday, April 30, 2020


Critical illness insurarance rates at www.aacii.org
 

The number of working Americans with high-deductible health insurance coverage has grown significantly over the past decade reports the American Association for Critical Illness Insurance.

"High-deductible health plans were hyped for their money-saving potential, but they can greatly increase the risk of financial disaster for many," states Jesse Slome, director of the organization.  "Millions of working age adults are one diagnosis away from financial ruin because they did what was suggested to them."

Thirty percent of covered workers were employed in a HDHP plan in 2019 according to the Kaiser Family Foundation.  "From 2007 through 2017, enrollment in high deductible health plans has surged," share AACII's director.   The critical illness insurance organization gathers relevant information to help consumers plan for risks associated with critical illnesses.

The IRS defines a high deductible health plan as any plan with a deductible of at least $1,400 for an individual or $2,800 for a family.   "The plan's total yearly out-of-pocket expenses which includes the deductible, copayments, and coinsurance can not be more than $6,900 for an individual or $13,800 for a family," Slome adds.

According to AACII, enrollment in high-deductible health plans coupled with a health savings account grew from 4.2% to 18.9% over the 10 years.  Enrollment in high deductible plans without an HSA grew from 10.6% to 24.5% for adults aged 18–64 with employment-based coverage.  "Over 60% of adults between ages 18 and 64 obtain their health insurance coverage through the workplace," Slome explains.

The Association works to educate Americans about the consequences associated with surviving critical illnesses such as cancer, heart attacks and strokes.  "Because so many more people have high deductible plans, they will face costs just at the very time they are unable to pay," Slome says.  Every year over 500,000 Americans are forced to declare personal bankruptcy.  "Most are because of a health matter and most of them had health insurance when the condition first occurred."

"For a few dollars a month, a modest amount of cancer-only or critical illness insurance can cover that gap," the critical illness insurance expert notes.   For instant critical illness insurance rates, visit the Association's website at www.criticalillnessinsuranceinfo.org.

For long-term care insurance quotes visit the American Association for Long-Term Care Insurance website.  To find Medicare Insurance agents near you, visit the American Association for Medicare Supplement Insurance website.  To learn more about critical illness insurance, visit the American Association for Critical Illness Insurance website.

 

 
Jesse Slome
Executive Director
American Association for Long-Term Care Insurance
Westlake Village, CA
818-597-3227