Health insurance trends in United States

The latest report from the Pew Center for People & the Press suggests that many Americans are not satisfied with the quality of health insurance that they currently have.

According to a new report published Monday by the Pew Center on the States, Americans have a more negative view of insurance coverage than they do of their personal finances, job performance, or the economy.

“As of January 2017, 43% of adults report that they think insurance coverage ‘has little impact on their life’ or ‘has very little impact’ on their lives,” says a report from Pew on health insurance and health policy.

“That is a significant shift from 2014 when only 28% reported this view, and it represents a decline of 11 percentage points over the previous 15-year period. In that same time, the share of adults reporting that health insurance coverage is the best thing that happens to their lives rose from 17% in 2005 to 24% in 2016.”

But, the report found, the overall level of dissatisfaction with insurance coverage is not necessarily because of coverage itself.

“The decline in personal insurance coverage and increased financial strain has little to do with health or health insurance, at least as measured by the Pew Survey finding that fewer than 1 in 10 Americans reported being financially well in 2013,” the report concluded. “But this is a more recent development, the result of the Affordable Care Act.”

What’s more, even with the recent gains in private insurance coverage, most Americans are not happy. A majority of Americans – 54% – say that they are either not as satisfied with their health insurance coverage (42%) or the health outcomes they have been given on the insurance market (37%. Pew also found that people who do not want their insurance plan to change because they don’t like their health insurance coverage or the insurance company).

“In the last two years alone, health insurance coverage in the U.S. has gone from being a major concern for only 9% of adults to a large and growing share of those who are dissatisfied with it,” a Pew report reads. “Even while these changes have not resulted in widespread dissatisfaction, the health insurance market is pretty overvalued.

The impact of the covid-19 pandemic on the financial situation of insurers

Insurance companies operating in the health insurance sector face a major challenge due to the pandemic.

Such companies, like any other enterprise, may feel the negative effects of excessive burden on the health care system, which include:

  • an increase in the number of hospitalized people
  • increase in prices for medical services it consists of
    • increase in the salaries of doctors and medical personnel
    • increase in prices for personal protection products
  • difficulties in obtaining protection measures and specialized life-saving devices, e.g. respirators
  • problems with the supply chain of medical products and intermediates resulting from lockdown and problems with logistics

The financial condition of insurance companies whose main area of activity is healthcare may be of concern to policyholders.

However, it should be remembered that these companies are in good working order and that insurance companies are subject to strict control regulations.

The United States, given its federal structure, has over 11 thousands officials involved in insurance regulation and supervision.

It should be noted that there is some inconsistency in data, as support and administrative services such as IT, legal, accounting may be shared with other financial sectors or not reported. Also, the size and number of insurance entities in the insurance market will affect the number of staff needed.

OECD fragment of The Institutional Structure of Insurance Regulation and Supervision

U.S. insurance supervision has been significantly strengthened in recent years.

Lessons have been learned from the financial crisis and many of the recommendations of the 2010 FSAP are being addressed. Insurance has been brought within the scope of system-wide oversight of the financial sector.

The establishment of the Federal Insurance Office (FIO) has created a mechanism for identifying national priorities for reform and development.

Through a series of initiatives, the FIO has been tasked to review and develop new approaches to the implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). The FIO was established in May 2011, and its mandate is primarily to:

The main purpose of such act was to review and identify new approaches to the oversight of the financial sector, including the FITA and the Federal Reserve Act.

The FIO is not a separate entity. The FIO does not operate with its own staff or administrative budget and therefore may have oversight responsibilities. The FIO is funded in addition to the Federal Deposit Insurance Corporation of the Department of the Treasury or the FDIC.

Those government organizations are determining which measures of success are best for the system and which require the largest resources and are likely to be costly and time consuming.

Focusing on the needs of the depository institutions to minimize risks, and to provide for the provision of best-value risk management systems and policies for the deposit holding industry and financial institutions that are critical to the success of the financial system.

Should I be concerned about losing my health insurance?

We are observing the unfolding situation with concern and we are examining the profitability of insurers. At the moment, however, there is no major cause for concern.

The government agencies that oversee the insurance market in the US audit companies and are able to establish receivership or recommend the implementation of appropriate recovery programs.

It is definitely worth paying attention to the reputation of the insurance company. Large, recognized companies that operate in many industries certainly have a higher level of security of insurance policies than small companies of unknown origin.

With due diligence on the company’s coast, which in fact should take place regardless of whether we have pandemics or not – we believe that the situation is stable and the private health care system is efficient and safe.

What Is an Online Health Insurance Marketplace?

Updated August 2021

By now, the debate has raged around whether or not a bill could be passed through Congress that would allow the government to issue private health plans.

Many members and the media have been debating the merits for years, but one issue that has remained relatively quiet is the issue of what the federal government would need to do to create an online health insurance marketplace.

In this article, we take a close look at whether a single state would be able to run its own health insurance marketplace.

The Affordable Care Act (ACA) allows states (including most of the 50 that have so far voted to expand their health insurance networks) to establish health insurance exchanges, where individuals and business can purchase coverage that can be purchased on a federal-run insurance exchange through an online marketplace.

In some instances (such as Minnesota and Vermont), an individual can purchase a policy on the exchange for up to 30 days.

If an individual chooses not to purchase insurance on the exchange, they must still meet the same health coverage requirements that apply to employers (including individuals, small business owners, and large employers).

In contrast, the ACA does not allow individuals to make contracts on custom terms – they need to use the group insurance policies within their place of work.