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Obamacare: Will Bank Accounts Stand Between the Uninsured and Health Insurance?

Most of us take having a bank account for granted, but could a lack of bank accounts cause a major wrinkle with Obamacare:

One in five households in the U.S. have only a tenuous relationship with a traditional bank. Many of 51 million adults in these households rely on check-cashing stores and money lenders, the Federal Deposit Insurance Corporation.

The federal health law requires most Americans to carry health insurance starting next January. The presents a particular problem for those households. Most health plans accept a credit card for the first month’s premium payment and then require customers to pay monthly with a check or an electronic funds transfer from a checking account.

Those options won’t work for the so-called unbankables looking to purchase health coverage with federal subsidies through online insurance marketplaces, says , a director at Leavitt Partners, a firm that is advising private insurers and states on how to comply with the law. “You don’t want to take these millions of unbankable people through the entire enrollment process and then at the end of line say, ‘OK, the only way you can pay for your share of the premium is with a bank account number,’ ” he says.

Latest Health Hurdle: Buying Insurance Without A Bank Account

Do you have health insurance? Tell us about it in our discussion forum!

Related posts:

  1. Obamacare: How Much Will Your State Be Spending To Enroll the Uninsured?
  2. Obamacare: How Much Could I Owe If I’m Uninsured?
  3. Obamacare: Will Health Insurers Try To Game New Health Insurance Requirements?
  4. Obamacare: Are We Going To Get Whammied By the Health Insurance Subsidies?
  5. High-Deductible Health Insurance Follow-up: High-Deductible Health Insurance and Health Savings Accounts

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