Strapped Americans scrimping on insurance

Many are cutting back on medical care to cope with rising costs and a worsening economy, according to NAIC.
AUG 12, 2008
By  Bloomberg
Scrimping to make ends meet, many Americans are cutting back on medical care to deal with rising costs and a worsening economy, according to the National Association of Insurance Commissioners. In a survey of 686 consumers, the Kansas City, Mo. group discovered that 22% have cut back on the number of trips they take to a doctor as a result of today’s economy. Eleven percent of respondents have reduced the number of prescription drugs they take or the dosage of these medications to stretch the prescription over a longer period of time. While consumers are trimming their medical costs, many of them haven’t changed their insurance policies, although some either reduced coverage or canceled it altogether: 85% kept their policies as is, 2% cut back on coverage, 1% fell behind on payments and 2% called off their coverage altogether. The rest of those polled didn’t have coverage or didn’t answer the question.. There were similar results for life insurance: 78% haven’t made changes to their policy. However, 1% reduced coverage, 2% lapsed on their payments and 3% canceled their policies. Others polled didn’t answer the question or didn’t have insurance.

Latest News

LPL building out alts, banking services to chase wirehouse advisors, new CEO says
LPL building out alts, banking services to chase wirehouse advisors, new CEO says

New chief executive Rich Steinmeier replaced Dan Arnold on October 1.

Franklin Templeton CEO vows to "do what's right" amid record outflows
Franklin Templeton CEO vows to "do what's right" amid record outflows

The global firm is navigating a crisis of confidence as an SEC and DOJ probe into its Western Asset Management business sparked a historic $37B exodus.

For asset managers, easy experience is key to winning advisors' businesses
For asset managers, easy experience is key to winning advisors' businesses

Beyond returns, asset managers have to elevate their relationship with digital applications and a multichannel strategy, says JD Power.

Why retaining HNW clients ultimately comes down to one basic thing
Why retaining HNW clients ultimately comes down to one basic thing

New survey finds varied levels of loyalty to advisors by generation.

Stocks drop as investors digest Microsoft, Meta earnings
Stocks drop as investors digest Microsoft, Meta earnings

Busy day for results, key data give markets concerns.

SPONSORED Out with the old and in with the new: a 50% private markets portfolio

A great man died recently, but this did not make headlines. In fact, it barely even made the news. Maybe it’s because many have already mourned the departure of his greatest legacy: the 60/40 portfolio.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.