Health Care Reform – A Timely Reminder of What’s at Stake
The research attempts to quantify the financial loss incurred by people between the ages of 51 to 64 who have no health insurance (along with a major illness) as compared to people in similar situations with health insurance. The authors’ findings indicate that the assets of the group without coverage suffered a median loss of 46 percent while those with insurance did not suffer a loss.
The research data is a powerful indicator of the destructiveness of the cost of major health conditions on a person’s financial plans. The median wealth loss is substantial, but there are undoubtedly people who fare much worse than what appears as the average loss.
While the research helps establish the depth of the financial problem, the underlying fear of having major uninsured health expenses extends beyond those who are currently uninsured. I have to believe that for each person in the uninsured category there are countless others who avoid an entrepreneurial opportunity or stay employed at a place in which they are not satisfied because of the fear of becoming one of these authors’ statistics. This is hard to quantify, but improving this aspect of the job market may be one of the side benefits of health reform done well. Do you agree or disagree? Please share your thoughts in the comments section below.
Just my opinion based on 30 years in the business. No doubt, there are many people that take a lower-paying job just to keep health coverage. I;m not sure health care reform will change a lot of that.