SEATTLE, Feb., 16, 2021 /PRNewswire/ — A new report found workers in Mississippi, Louisiana and Arkansas contribute, on average, the highest percentage of their income to out-of-pocket health coverage costs. Recent trends in health care costs, health care coverage and household income have contributed to growing disparities between different income groups in the United States.
Analysts at QuoteWizard looked at data from The Commonwealth Fund to see where residents are paying a larger share of their income towards health insurance premiums and deductibles.
View the full report here: https://quotewizard.com/news/posts/disparity-between-healthcare-costs-and-middle-class-income
Key findings:
- Nearly 32 million workers (21% of the U.S. workforce) would benefit from raising the federal minimum wage.
- Workers in Mississippi, Louisiana and Arkansas contribute, on average, the highest percentage of their income to out-of-pocket health coverage costs.
- In Hawaii, Washington and Massachusetts, the middle class contributes the least of their income towards health premiums and deductibles.
- Forty-two states contribute more than 10% of their incomes towards out-of-pocket health costs.
- Nationally, those with middle income pay $7,388 yearly in deductibles and health premiums combined.
Methodology
To find out which states have the largest disparities between middle-class income and out-of-pocket health insurance costs (premiums and deductibles), QuoteWizard analyzed The Commonwealth Fund’s state-by-state report on «Insurance Costs Taking Larger Share of Middle-Class Incomes as Premium Contributions and Deductibles Grow Faster Than Wages.» We compiled 2019 employee contributions to yearly health insurance premiums and average deductible costs and compared them to each state’s median income. Median middle-class income data was sourced from the U.S. Census. States with the highest average percentages of income that go to out-of-pocket health insurance costs are ranked closer to 1 (worst) and states that had relatively lower health insurance costs compared to income ranked closer to 50 (best).
About QuoteWizard QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.
For more information, go to quotewizard.com, like our Facebook page and/or follow us on Twitter @quotewizard.
Media Contacts:
Emily: emily@quotewizardnews.com
Nathan: nathan@quotewizardnews.com
Elli: ecarrillo@quotewizardnews.com
Related Links
https://quotewizard.com
https://quotewizard.com/news/posts/disparity-between-healthcare-costs-and-middle-class-income
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SOURCE QuoteWizard
