Wednesday, June 12, 2013

"Unbanked" may have insurance problems


Oh, the Unaffordable Care Act just keeps on giving--lucky us. Vanderbilt policy expert John Graves, PhD, assistant prof of preventive medicine, says as many as a quarter of those who might be able to get subsidized insurance may be cut out because they don't have a bank account.

My daughter doesn't. She works at Wendy's and gets paid on one of those preloaded cards. Vets get these, too.

Many insurers may require people to pay out of bank accounts. Yoops.

Sure, they could probably change this regulation, but some question if insurance companies would want to--those without bank accounts may be poorer and thus less healthy and it costs money to process debit card transactions.

I am sure this is just the beginning of the unintended consequences. My daughter was already distraught one day. She said she would have to pay a fine because she could not afford the Wendy's plan (which barely covers anything anyhow) and would she get a payment plan for the fine--she could not pay that in one chunk, either.

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