There’s a new CMWF study on the individual insurance market. I won’t belabor the point as I’ve done many times before. Less than 7% of Americans are in it, and just because I’m one of them is no real reason to point out that it’s a market that doesn’t work for anyone who needs it, and is somewhere between 30-50% more expensive than the group market.
The study makes those points and more.
The individual market currently is quite small, covering approximately 17 million nonelderly Americans, or about 6.7 percent of the population. This market historically has not worked well for many people seeking coverage, in particular for those who need coverage the most. Policies frequently have been unavailable to people with existing health conditions; premiums have been expensive and usually have risen faster than group insurance rates; and benefits have generally been far more limited than those in group policies.
And yet the current national policy is to drive everyone into it.