What does it mean to be "under-insured?"

Steve & Ted
Tuesday, November 28th

Moneytracker Don Grant says many low-cost insurance plans leave a customer "under-insured."


Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

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Al thanks for the couple weeks despair 58%. And there's some conscientious people. By this time December rolls around I'm almost done zero Hertz at sorry to resign a clear cut there. The last or at least close to it. Sluggish day of trading on Wall Street finished with stocks aging mostly lower as investors came back from the Thanksgiving holiday energy stocks declined the most. Following a slide in crude oil prices edged. Standard and Poor's 500 index slipped one point. Dal edged up 22 points NASDAQ fell ten points of mixtures of senate Republicans considering a trigger. That would automatically increase taxes if there's sweeping legislation fails to generate as much revenue as they expect. This is what was talked about and answers. At least I talked about it I don't know if anybody listed when we're doing all the of the right there are rare earth. Is an ever to mollified deficit hawks who worry that tax cut for businesses and individuals will add to the nation's already morning announcing that course well. Automatically but with a bit of business to bring Texas back up again man Cecile laugh or deal and yeah don't care. Credit and they will come from Jerome Powell says that if they confirmed as the next chairman of the Federal Reserve. He expects the Central Bank to continue raising interest rates gradually. To support the Fed's twin goals of maximum employment and stable prices. And despite holiday deals all month shoppers still picked up their spending on Thanksgiving Day and Black Friday out of Ted must have been out there. According to one technology company spending for Thursday and Friday together increased eleven point 9%. Compared with the same two day period last years as first data. While which analyzed online and in store payments across different forms of cards from one point three million. Merchants. Retail spending Digi key excludes groceries restaurants and auto parts and gas stations rose nine point 3% drill wow that's for him think that here. And it. 651 line now 652 now with Steve did Don grant CFP the money tracker. Dogs and tell us what it means to be. Under insured I'm I'm gonna tell that voice of which rarely is the head holistic yes there you go listening to muddy track reports of past few years you probably know. How fresh you're frustrated I am with our health care system. It's expensive to self fund because of unknown costs of major accident her contacting a critical disease. So we rely upon health care insurance. That is. Skyrocketing. Costs particularly for those of us who own a small business. Whether you like it or not the Affordable Care Act has helped cover millions of Americans who previously had no health care coverage. In spite of that a large percentage of insured adults in America still lacked enough insurance. They are. Underinsured. The Commonwealth Fund conducted research it shows the number of Americans classified as under insured. Has more than doubled since 2003. 28%. Of those between nineteen and 64. Were underinsured that equates to 41 million people. And those numbers are growing in the wrong direction. Commonwealth researchers defined under insured as. Number one having annual out of pocket expenses excluding premiums that equals or exceeds 10% of the insurance income. Or four individuals with income less than 24000. Dollars and 49000 for a family of four. If out of pocket costs excluding premiums exceeds 5% or more of income your underinsured. Having a deductible equal or exceeding 25%. Of income. Noted that we aired we are not. The factoring monthly premiums into that equation as Ayman mentioned earlier. Well what can happen if you're under insured well. You get what you pay for lower cost plans can save you on premiums that's great. But it may not cover expensive prescription drugs diagnostic tests are lab procedures. Without an emergency fund to pay for them you could spiral into deep debt and that's bad for your health. I know people. Who skipped taking drugs or cut their medications and half because they can't afford the full door ghost. According to the American Bar Association medical debt is the number one trigger. For personal bankruptcy as well of course there's all that stress that goes along with it. The only question you give me a call the number 63422. Community do. Fortunes. And appears intercom system we have good bill I think. The good health insurance program and an affordable rate I mean I was talking to my son in law and admiral going to do that. I was astonished at what he and daughter may go and even NASA's image just your guns and real to get an fearful when your small business owner you. You pay through the you know what yeah in their debts it's got to be remedied folks that's got to happen I don't have a lot of out how to do it but it. Yeah yeah. Yeah I don't. I don't have a lot of faith either. The no I don't numbers just keep on one line and I I don't I don't see a turnaround and head on blow it just keeps going 11 I don't on this or lobbyists and their writing the laws you know they don't recall ever and maybe I'm wrong pedal recall and it's this whole health care debate began way back with the clintons. I don't recall ever having. Seeing that they had a great big Foreman brought everybody in in the senate and house and it. Let's find out why why course I try to sneak stuff he's done everything guys yeah. It's just it's baloney yet and it you know they're people who were terrifically dissent by and I understand it yet go one way or the other that. Now today is the national day of giving. Out at a higher insurance at that yeah we're talking about charities now folks family's business community Sanders. Celebrated generosity your generosity and and America just keep giving we try to take care of the people that. You know and government just keeps. And insurance company just keep taken that money. I've had two incidents over the weekend rove had to deal with the insurance companies though it's not on now now they deny deny deny deny deny. The appointee if they have to pay the grudgingly pay what they are obligated by contract. Exactly. A few and I'd be he'd like that. If I told them a lot botched Jack. Well you die annually governor Mario. Where does that make errors or does it say in my contract deductible of mud it's kind of area. Horse manure does fly in or oral them enough time ordinance when one think thank you anybody 656 now Stevenson coming up. And is this morning news at 7 o'clock all today's news 300 bales of cotton burning and harper county. 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