4 in 10 Americans Would Rather Pay Fine Than Buy Health Insurance

      4 in 10 Americans Would Rather Pay Fine Than Buy Health Insurance

Younger Americans, Blacks, Democrats Most Likely to Buy Health Insurance

PR Newswire

SAN FRANCISCO, Dec. 11, 2013

SAN FRANCISCO, Dec. 11, 2013 /PRNewswire/ --Approximately four in 10
Americans (38%) would rather pay a fine than buy health insurance, according
to a new insuranceQuotes.com report.

  o65% of Americans between the ages of 18 and 29 would buy health insurance
    versus 57% of Americans 30 and older.
  o78% of blacks would buy health insurance versus 61% of Hispanics and 56%
    of whites.
  o74% of Democrats would buy health insurance versus 40% of Republicans and
    56% of independents.

The results reflect Americans' responses to a hypothetical scenario (a
45-year-old individual who earns $50,000 per year). A typical health plan
would cost this person $3,000 per year. If this person did not buy health
insurance, the fine would be $400.

"One of the key questions surrounding the Affordable Care Act is whether or
not young Americans – especially healthy young Americans – will sign up for
health insurance," said Laura Adams, insuranceQuotes.com's senior analyst.
"This research sheds a positive light on that segment of the population.
However, it's concerning that about three in 10 Americans still don't know
about the possible fines."

The insuranceQuotes.com report also found that most Americans are confused
regarding the penalty amounts, which are the greater of $95 or 1% of household
income above the filing threshold ($10,000 for individuals and $20,000 for
families).

  oFor an individual who earns $30,000 per year, the penalty would be $200.
    Only 21% of Americans who know that uninsured people will be fined
    correctly pegged the amount between $100 and $250 (38% overestimated and
    36% underestimated).
  oFor an individual who earns $75,000 per year, the penalty would be $650.
    Only 21% of Americans who know about fines correctly pegged the amount
    between $500 and $1,000 (46% underestimated and 29% overestimated).

Almost eight in 10 Americans who know about fines incorrectly think that
children under the age of 18 are exempt from fines. Six in 10 falsely believe
that senior citizens over the age of 65 are exempt.

And many are uninformed regarding how to pay the penalty. Only 64% correctly
said the fine would come from their federal income tax refund.

The survey was conducted by Princeton Survey Research Associates International
(PSRAI) and can be seen in its entirety here:

http://www.insurancequotes.com/health/obamacare-penalty

Click here to tweet about this:

http://clicktotweet.com/X5cUE

PSRAI obtained telephone interviews with a nationally representative sample of
1,013 adults living in the continental United States. Interviews were
conducted by landline (507) and cell phone (506, including 260 without a
landline phone) in English by Princeton Data Source from November 14-17, 2013.
Statistical results are weighted to correct known demographic discrepancies.
The margin of sampling error for the complete set of weighted data is plus or
minus 3.6 percentage points.

About insuranceQuotes.com:

insuranceQuotes.com provides consumers with a free, easy way to shop for and
compare insurance quotes online, and delivers information about auto, home,
health and life insurance and other types of insurance.

For more information, visit http://www.insuranceQuotes.com, follow us on
Twitter (https://twitter.com/InsuranceQts) or like us on Facebook
(https://www.facebook.com/InsuranceQts).

insuranceQuotes.com is part of Bankrate Insurance. Other Bankrate Insurance
companies include NetQuote.com and InsureMe.com.

For More Information:

Ted Rossman
Public Relations Manager, Bankrate, Inc.
ted.rossman@bankrate.com
917-368-8635

SOURCE insuranceQuotes.com

Website: http://www.insuranceQuotes.com
 
Press spacebar to pause and continue. Press esc to stop.