Report Has Wisconsin Specific Numbers
A new report demonstrates that the vast majority of Wisconsinites who buy insurance on their own will not face cancellations caused by the transition to stronger consumer standards under health care reform, and that most will have much greater health security. The new report from Families USA, co-released in Wisconsin by Citizen Action of Wisconsin, shows that very few people who buy health insurance on their own in Wisconsin keep their policies for more than a year, and that most qualify for new tax subsidies that will make plans offered in the new marketplace more affordable than what they have now.
The full report can be downloaded here
Key Report Findings of Report
- Only 6.5% of Wisconsinites under the age of 65 buy health insurance on the individual market.
- Nationally 64.5% of health consumers buying insurance on the individual market keep the coverage for less than 1 year.
- 73% of Wisconsinites who buy insurance on the individual market earn less than 400% of the Federal Poverty Level, and are eligible for tax subsidies that make policies on the new marketplace more affordable. 0.6% of Wisconsinites under the age of 65 are at risk of paying more next year because individual market policies they would keep are being cancelled due to the Affordable Care Act.
“The individual market is a place where consumers have little choice and the big insurance companies hold all the cards. It is a highly unstable and transitory place to purchase health insurance, where most consumers regularly lose coverage and are at risk of facing bankrupting medical bills because of substandard coverage,” said Robert Kraig, Executive Director of Citizen Action of Wisconsin. “This important new report documents that the issue of cancellations had been grossly overblown by opponents of health care reform. It is clear that most who buy insurance on their own will have more stable and affordable insurance options because of the Affordable Care Act, and that a small fraction risk the cancellations of policies that would have cost them less.”