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- Title
HEALTH INSURANCE AND PERSONAL FINANCE: COVERAGE MATTERS FOR INDIVIDUALS AND FAMILIES.
- Authors
Nielsen, Robert B.; Garasky, Steven
- Abstract
Health insurance coverage is an essential component of a financial risk management strategy. Seminal theoretical perspectives regarding the consumer decision to obtain insurance have informed research into the causes and consequences of being uninsured. This paper reviews the empirical evidence from a rational choice perspective. Research suggests that being uninsured is associated with greater difficulty accessing medical services and a higher probability of choosing to delay or go without needed medical care. In addition, being uninsured is correlated with higher reports of other financial difficulties including being unable to pay for housing, transportation, and food. In some instances, families have needed to file for bankruptcy as a result of unmanageable medical expenses. This review shows that researchers, financial advisors, and consumers can all benefit from a better understanding of the complex array of private, public, and self insurance options available, as well as the consequences of being uninsured and the role health insurance plays in both improving health and managing financial risk.
- Subjects
HEALTH insurance; SELF-insurance; PERSONAL loans; HEALTH insurance reimbursement; RISK management in business; MEDICAL care financing; FINANCIAL planning; FINANCIAL management; WEALTH management services; FINANCIAL services industry
- Publication
Journal of Personal Finance, 2008, Vol 7, Issue 1, p68
- ISSN
1540-6717
- Publication type
Article