Income Stable, Poverty Rate Increases, Percentage of Americans without Health Insurance Unchanged
U.S. Census Bureau
August 30, 2005
The percentage of the nation’s population without health insurance coverage remained stable, at 15.7 percent in 2004. The number of people with health insurance increased by 2.0 million to 245.3 million between 2003 and 2004, and the number without such coverage rose by 800,000 to 45.8 million.
Press release:
http://www.census.gov/Press-Release/www/releases/archives/income_wealth/005647.html
Health Insurance Coverage: 2004
http://www.census.gov/hhes/www/hlthins/hlthin04.html
Comment: Although the percentage of uninsured is stable at 15.7%, an additional 800,000 individuals have no insurance, for a total of 45.8 million in 2004. The 800,000 individuals added to the list can assure you that there should be no complacency in these numbers.
One very important point not covered is that the security provided by health care coverage is deteriorating, potentially exposing many of the 245 million with coverage to significant debt. An egregious example is that of David and Darlene Henderson. They purchased a $1 million catastrophic plan, through a business association, for a premium of $400 per month. She developed breast cancer, and he had emergency surgery for an aortic aneurysm. Their insurance paid $33,428 and left them with out-of-pocket expenses of $181,855. Although theirs is an extreme example, it does indicate the vulnerability of the insured as innovative trends in coverage play out. (The Sacramento Bee, August 29, 2005:
http://www.sacbee.com/content/business/story/13489439p-14330129c.html)
Our current policies and projected trends will lead us further into disaster. This can be prevented by changing the way we allocate the $1.9 trillion that we are already spending on health care. But that will require a change in national policies. The process can begin only once there is an honest acknowledgement that we need public oversight of a universal system.
Until then, you might want to cover your potential losses by investing in the booming business of collection agencies.