Insurance Needs of a Nation

InsuranceOne of the most valuable benefits that comes with long-term employment is insurance. Across the nation, the needs covered by insurance for health, homes, personal transportation, and a variety of other categories are a concern for almost every working adult, whether single or part of a family.  In the event of unforeseen circumstances, the security that comes from having problems comprehensively resolved by a team of trained professionals renders considerable appeal to the average consumer. However, millions of Americans are faced with a lack, and are unable to subscribe to the promises of these services for a number of reasons, and live their lives without the safety net that so many others have become accustomed to.

Insurance is simply defined as a service in which the risk of a loss is transferred from one party to another. The terms of such a service are usually maintained on the grounds of a financial agreement between the client (Subscriber) and the insurance company (Provider). The provider is guaranteed to receive a steady compensation in return for the promise to extend a set of services in the event that loss is suffered by the subscriber. As long as an area of the client’s coverage is not compromised within the realms of the agreement, the insurance company is not liable to intervene. However, should such an instance occur, it is the obligation of the company to step in and provide restoration services to the extent in which the client’s unique subscription provides for. These benefits can also be seen in the form of maintenance services, in which a client is granted access to specialty providers who offer unique care options at discounted rates.

As of January 23, 2014, it has been reported that 16.1 percent of the adult population within the U.S. nation lack the needs provided by the coverage of health insurance, a rough estimate of about 2 million people. This figure represents a slight decline over the 16.5 percent of Americans who held this status in January of 2013, and the data is expected to correlate with the effectiveness of the Affordable Care Act in 2014. The ACA, or “Obamacare,” is a federal statute that was passed on March 23, 2013, by President Barack Obama. Its primary function is to increase the availability of health insurance by expanding the coverage of both public and private consumers. Another goal of the ACA is to make healthcare a more affordable option for both individuals and government employees. An early look at the data shows that the number of uninsured Americans who are also unemployed has dropped from 40.8 percent to 34.1 percent from December 2013 and January 2014. Although the long-term effects of the ACA remain to be seem, if this shift is any indication, a number of positive changes can expect to be seen in coming months, when more definitive results are available.

Within the nation, more than 150 million Americans rely an employer to provide their insurance needs; however, a portion of the American population seeks individual coverage at an economical cost, including the unemployed. For those consumers, there may be several upsides to the ACA that they can look forward to. With insurance providers now required to offer coverage to individuals regardless of pre-existing health conditions, and the inability to charge unreasonable fees, more individuals will qualify for affordable health insurance. A potential downside to this mandate for working subscribers is that employers may opt-out of providing health care benefits to employees in order to save money. Other employers are simply raising out-of-pocket expenses for their staff, which could lead to intentional delays in treatment to avoid extra expenses.  These shifts in insurance plans and the consequent costs for all consumers will play a big part in how the ACA, and health care within the United States as a whole, is received.

By Darrell Purcell




LA Times

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