Pandemic-Related Job Loss Causes Major Increases in Uninsured Americans
(CBS DETROIT) - QuoteWizard®, a LendingTree company, and one of the nation's leading online insurance marketplaces released a report on uninsured rates growth as pandemic-related job loss increases. Unemployment and uninsured rates are closely correlated. While not a one-to-one direct correlation, unemployment will result in people losing health insurance.
One of the most significant impacts of unemployment is the resulting number of people who will also lose their employer-sponsored health insurance. While some unemployed can seek Medicaid or other means of health insurance, many are left without viable or affordable health insurance options.
Key Findings:
- An estimated 5.4 million people from February to May are left uninsured as a result of job losses.
- The Robert Wood Johnson Foundation predicts over 10 million people will lose employer-sponsored health insurance by the end of 2020 as a result of pandemic-related job loss
- The uninsured rate jumped 56% in May compared to pre-pandemic levels.
- In eight states, 20% or more adults are uninsured.
- States with high unemployment experienced the largest increases in uninsured rates.
Methodology
QuoteWizard analyzed Bureau of Labor Statistics unemployment data from June 2020, and paired it with May 2020 uninsured data from the Kaiser Family Foundation and Families USA to see which states saw the greatest impacts from unemployment on uninsured rates during the COVID-19 pandemic. Rankings are based on a change in uninsured rates from 2018 to May 2020. States that saw the largest increases in uninsured rates from 2018 to May 2020 were also states that had the highest unemployment rates in June 2020.
|
Rank |
State |
Unemployment Rate |
May Uninsured Rate |
Increase in Uninsured Rate |
|
1 |
Massachusetts |
17.4% |
8% |
167% |
|
2 |
Hawaii |
13.9% |
10% |
150% |
|
3 |
Michigan |
14.8% |
12% |
140% |
|
4 |
Rhode Island |
12.4% |
9% |
125% |
|
5 |
New Hampshire |
11.8% |
11% |
120% |
|
6 |
New York |
15.7% |
10% |
100% |
|
7 |
West Virginia |
10.4% |
12% |
100% |
|
8 |
Connecticut |
9.8% |
10% |
100% |
|
9 |
South Carolina |
8.7% |
20% |
100% |
|
10 |
Minnesota |
8.6% |
8% |
100% |
|
11 |
Florida |
10.4% |
25% |
92% |
|
12 |
Nevada |
15.0% |
21% |
91% |
|
13 |
Tennessee |
9.7% |
19% |
90% |
|
14 |
Alabama |
7.5% |
19% |
90% |
|
15 |
Missouri |
7.9% |
17% |
89% |
|
16 |
Arkansas |
8.0% |
15% |
88% |
|
17 |
New Jersey |
16.6% |
13% |
86% |
|
18 |
California |
14.9% |
13% |
86% |
|
19 |
Illinois |
14.6% |
13% |
86% |
|
20 |
Oregon |
11.2% |
13% |
86% |
|
21 |
Delaware |
12.5% |
11% |
83% |
|
22 |
Ohio |
10.9% |
11% |
83% |
|
23 |
Mississippi |
8.7% |
22% |
83% |
|
24 |
Maryland |
8.0% |
11% |
83% |
|
25 |
North Carolina |
7.6% |
20% |
82% |
|
26 |
Iowa |
8.0% |
9% |
80% |
|
27 |
New Mexico |
8.3% |
16% |
78% |
|
28 |
South Dakota |
7.2% |
16% |
78% |
|
29 |
Louisiana |
9.7% |
14% |
75% |
|
30 |
Vermont |
9.4% |
7% |
75% |
|
31 |
Washington |
9.8% |
12% |
71% |
|
32 |
Oklahoma |
6.6% |
24% |
71% |
|
33 |
Pennsylvania |
13.0% |
10% |
67% |
|
34 |
Wisconsin |
8.5% |
10% |
67% |
|
35 |
Kentucky |
4.3% |
10% |
67% |
|
36 |
Kansas |
7.5% |
15% |
67% |
|
37 |
Georgia |
7.6% |
23% |
64% |
|
38 |
Idaho |
5.6% |
18% |
64% |
|
39 |
Indiana |
11.2% |
13% |
63% |
|
40 |
Colorado |
10.5% |
13% |
63% |
|
41 |
Montana |
7.1% |
13% |
63% |
|
42 |
Maine |
6.6% |
13% |
63% |
|
43 |
Texas |
8.6% |
29% |
61% |
|
44 |
Virginia |
8.4% |
14% |
56% |
|
45 |
Arizona |
10.0% |
17% |
55% |
|
46 |
Wyoming |
7.6% |
17% |
55% |
|
47 |
Nebraska |
6.7% |
12% |
50% |
|
48 |
Utah |
5.1% |
13% |
44% |
|
49 |
Alaska |
12.4% |
17% |
42% |
|
50 |
North Dakota |
6.1% |
11% |
38% |
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.
About LendingTree LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc.
Visit the full report here, https://quotewizard.com/news/posts/uninsured-rates-grow-from-pandemic-unemployment
SOURCE QuoteWizard
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