Half knowledge is always a sign of danger, and those who have half knowledge in themselves are dangerous. If we talk about health insurance, then half of the population are incorrect about it, they have their own derived perceptions, and it is difficult to change it. With this piece of information, we are trying and attempting to clear the doubts in the reader’s mind. The following are the myths about health insurance that people truly believe.
Free Ride on Medicaid
Medicaid is for those who do not have money for their health issues but have money to cover themselves under Medicaid. Few people have commented on the Medicaid that they are off to work and earn for themselves. They are not doing so because the government is providing them various facilities.
It is said that two-thirds of those who are under Medicaid are employed, and three quarters have someone earning in their families. Thus people are not free-riding on Medicaid.
Health Insurance Companies are Generating Profits by Fooling Customers
Another myth states that the companies are filling their pockets by charging high premiums to shorten coverages. But the truth lies with the different financial reports from the years 2007-2014. The US’s economy faced loads of ups and downs. These market fluctuations hindered the insurers as well. They tended to work at a loss for quite some time. These reports resulted in proving that insurer’s profits are more aligned with the economic growth of the country rather than the number of insurance plans. Also, the companies run more by the investments rather than the enrollees to the insurance plans.
Health Insurance Coverage Expansion Saves Your Money
Even after the enactment of ACA, the insurance sector faced slow growth in the country. Moreover, the expansion of health insurance costs you money, but it adds value as well. Thus, it is a cost inclusive affair, but it also adds finances, care, facilities to your health plan. And in some way or another, you benefit from it.
When you increase your health plan coverage, it is not going to save as much money as it is going to take from your pocket. But in cases of financial and medical constraints, these extended covererages are going to help you.
The ACA Force People to Buy Insurance
Before & after ACA, there are reports, which say that people have their reasons not to get insurance. Some found it as an expensive deal, some had not planned for it, and some of them had never considered it as an option. Until the year 2016, around 20 million people were under the category of being insured through Medicaid or marketplace subsidies.
After repealing the ACA funding provisions, those who were 200% below the poverty line became uninsured because the plan decreased their eligibility either to be covered in Medicaid or Marketplace subsidies. Thus, one should stop relying on the myths and focus on what the health insurance industry holds to offer people.
