The outbreak of infectious diseases has been prevalent all over the world. However, every outbreak does not reach a global pandemic level and trigger acute economic, political and social uproar as the Novel Corona Virus, has. According to the experts, Corona Virus is the deadliest of all. One of the prime factors adversely affected by the pandemic is Employment scenario and subsequent Uninsured rates.
Key findings of a renowned study state that
- Nearly 5.1 million to 9.8 million Americans may remain uninsured due to rising unemployment scenario. Isn’t the figure startling?
- Non-expansion Medicaid states top the list of states with the highest projected numbers of uninsured.
- Uninsured health care costs may reach up to around 40% of the designated hospital budget under the COVID-19 Aid, Relief and Economic Security (CARES) Act.
According to the statistics, an unemployment rate has increased tremendously during recent months. With millions of people losing their jobs and employer-sponsored health insurance coverage, fearing this infectious disease and lamenting inability to get essential health insurance coverage, things are pretty serious now. However, individuals who file for unemployment may explore suitable health insurance options through either Medicaid or Healthcare Marketplace plans, which may turn out to be too expensive with unemployment budget.
Medicaid is something they may resort to. But, states that have not participated in Medicaid expansion will be hit hardest with the number of uninsured people rising tremendously. Notably, Medicaid expansion may allow individuals to get qualified at 138% of the federal poverty line. The unfortunate reality is that uninsured people are those who are not able to qualify for Medicaid.
Have an insightful discourse with the best insurance specialist, a trusted one, to extract possible solutions.