Weakening Economy Impacts Americans' Health

To save money, many Americans are cutting back on medical care — potentially putting their health at risk — according to new research from the National Association of Insurance Commissioners (NAIC).

A national survey of 686 consumers, fielded in July, found that 22 percent of U.S. consumers say they have reduced the number of times they see the doctor as a result of today’s economy. Furthermore, 11 percent of consumers say they have cut back the number of prescription drugs they take or the dosage of those medications to make the prescription last longer.

“Delaying medical treatment and regular physicals puts consumers at risk for potential health issues — and increases overall health insurance costs,” said NAIC President and Kansas Insurance Commissioner Sandy Praeger. “It’s critical that consumers continue to take responsibility for their health, so that we can all benefit from healthier lives and more affordable healthcare.”

And, while consumers might be making budget cuts in other areas, the NAIC’s survey revealed that the vast majority have not reduced, cancelled or otherwise made changes to their insurance policies.

“Insurance is an important — and oftentimes mandated — purchase for most Americans,” Praeger said. “That is why the NAIC and state insurance regulators are committed to helping every American be a smarter insurance consumer.”

Following is a summary of the key research findings:

Auto Insurance

• 80 percent of consumers have not made changes to their auto insurance policy.
  • However, 7 percent of consumers reported changes. Of those, 4 percent reduced coverage, 2 percent fell behind on payments and 1 percent cancelled their policy.

Homeowners Insurance

• 74 percent of consumers have not made changes to their homeowners insurance policy.
  • However, 5 percent of consumers reported changes. Of those, 2 percent reduced coverage, less than 1 percent fell behind on payments and 3 percent cancelled their policy.

Health Insurance

• 85 percent of consumers have not made changes to their health insurance policy.
  • However, 5 percent of consumers reported changes. Of those, 2 percent reduced coverage, 1 percent fell behind on payments and 2 percent cancelled their policy.

Life Insurance

• 78 percent of consumers have not made changes to their life insurance policy.
  • However, 6 percent of consumers reported changes. Of those, 1 percent reduced coverage, 2 percent fell behind on payments and 3 percent cancelled their policy.