Pandemic-Related Job Loss Causes Major Increases in Uninsured Americans

Rhea-AI Summary

QuoteWizard®, a LendingTree company, revealed a report highlighting the surge in uninsured rates due to pandemic-induced job losses. Between February and May 2020, approximately 5.4 million individuals became uninsured. The Robert Wood Johnson Foundation anticipates over 10 million people will lose employer-sponsored health insurance by year's end. The report shows a 56% rise in uninsured rates in May compared to pre-pandemic levels, with several states witnessing significant increases driven by high unemployment.

Positive

• The report provides valuable insights into the correlation between unemployment and uninsured rates, assisting policymakers in addressing the crisis.

Negative

• An estimated 5.4 million people became uninsured due to job losses from February to May 2020.
• Over 10 million people are projected to lose employer-sponsored health insurance by the end of 2020.
• The uninsured rate increased by 56% in May compared to pre-pandemic levels.

SEATTLE, Aug. 24, 2020 /PRNewswire/ -- QuoteWizard®, a LendingTree company, and one of the nation's leading online insurance marketplaces released a report on uninsured rates growth as pandemic-related job loss increases. Unemployment and uninsured rates are closely correlated. While not a one-to-one direct correlation, unemployment will result in people losing health insurance.

One of the most significant impacts of unemployment is the resulting number of people who will also lose their employer-sponsored health insurance. While some unemployed can seek Medicaid or other means of health insurance, many are left without viable or affordable health insurance options.

Visit the full report here, https://quotewizard.com/news/posts/uninsured-rates-grow-from-pandemic-unemployment

Key Findings:

• An estimated 5.4 million people from February to May are left uninsured as a result of job losses.
• The Robert Wood Johnson Foundation predicts over 10 million people will lose employer-sponsored health insurance by the end of 2020 as a result of pandemic-related job loss
• The uninsured rate jumped 56% in May compared to pre-pandemic levels.
• In eight states, 20% or more adults are uninsured.
• States with high unemployment experienced the largest increases in uninsured rates.

Methodology
QuoteWizard analyzed Bureau of Labor Statistics unemployment data from June 2020, and paired it with May 2020 uninsured data from the Kaiser Family Foundation and Families USA to see which states saw the greatest impacts from unemployment on uninsured rates during the COVID-19 pandemic. Rankings are based on a change in uninsured rates from 2018 to May 2020. States that saw the largest increases in uninsured rates from 2018 to May 2020 were also states that had the highest unemployment rates in June 2020.

Rank	State	Unemployment Rate	May Uninsured Rate	Increase in Uninsured Rate
1	Massachusetts	17.4%	8%	167%
2	Hawaii	13.9%	10%	150%
3	Michigan	14.8%	12%	140%
4	Rhode Island	12.4%	9%	125%
5	New Hampshire	11.8%	11%	120%
6	New York	15.7%	10%	100%
7	West Virginia	10.4%	12%	100%
8	Connecticut	9.8%	10%	100%
9	South Carolina	8.7%	20%	100%
10	Minnesota	8.6%	8%	100%
11	Florida	10.4%	25%	92%
12	Nevada	15.0%	21%	91%
13	Tennessee	9.7%	19%	90%
14	Alabama	7.5%	19%	90%
15	Missouri	7.9%	17%	89%
16	Arkansas	8.0%	15%	88%
17	New Jersey	16.6%	13%	86%
18	California	14.9%	13%	86%
19	Illinois	14.6%	13%	86%
20	Oregon	11.2%	13%	86%
21	Delaware	12.5%	11%	83%
22	Ohio	10.9%	11%	83%
23	Mississippi	8.7%	22%	83%
24	Maryland	8.0%	11%	83%
25	North Carolina	7.6%	20%	82%
26	Iowa	8.0%	9%	80%
27	New Mexico	8.3%	16%	78%
28	South Dakota	7.2%	16%	78%
29	Louisiana	9.7%	14%	75%
30	Vermont	9.4%	7%	75%
31	Washington	9.8%	12%	71%
32	Oklahoma	6.6%	24%	71%
33	Pennsylvania	13.0%	10%	67%
34	Wisconsin	8.5%	10%	67%
35	Kentucky	4.3%	10%	67%
36	Kansas	7.5%	15%	67%
37	Georgia	7.6%	23%	64%
38	Idaho	5.6%	18%	64%
39	Indiana	11.2%	13%	63%
40	Colorado	10.5%	13%	63%
41	Montana	7.1%	13%	63%
42	Maine	6.6%	13%	63%
43	Texas	8.6%	29%	61%
44	Virginia	8.4%	14%	56%
45	Arizona	10.0%	17%	55%
46	Wyoming	7.6%	17%	55%
47	Nebraska	6.7%	12%	50%
48	Utah	5.1%	13%	44%
49	Alaska	12.4%	17%	42%
50	North Dakota	6.1%	11%	38%

About QuoteWizard QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.

For more information, go to quotewizard.com, like our Facebook page and/or follow us on Twitter @quotewizard.

About LendingTree LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring, and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc.

Media Contacts:

Emily: emily@quotewizardnews.com
Nathan: nathan@quotewizardnews.com

Related Links
https://quotewizard.com
https://quotewizard.com/news/posts/uninsured-rates-grow-from-pandemic-unemployment

 

View original content to download multimedia:http://www.prnewswire.com/news-releases/pandemic-related-job-loss-causes-major-increases-in-uninsured-americans-301116979.html

SOURCE QuoteWizard

FAQ

What was the uninsured rate increase reported by QuoteWizard in May 2020?

The uninsured rate jumped by 56% in May 2020 compared to pre-pandemic levels.

How many people became uninsured from February to May 2020 according to QuoteWizard?

Approximately 5.4 million individuals became uninsured due to job losses during that period.

How many people does the Robert Wood Johnson Foundation predict will lose employer-sponsored health insurance by the end of 2020?

The Foundation predicts over 10 million people will lose employer-sponsored health insurance by the end of 2020.

Which states had the largest increases in uninsured rates during the COVID-19 pandemic?

States with high unemployment rates, such as Massachusetts and Hawaii, experienced the largest increases in uninsured rates.

What correlation exists between unemployment and uninsured rates?

The report highlights a close correlation where increased unemployment leads to higher uninsured rates due to loss of employer-sponsored health insurance.