Collector - January 2021 - 12

FYI

HEALTHCARE

INDUSTRY

CONSUMERS FACE HEALTH INSURANCE STRUGGLES
According to a survey from The Commonwealth Fund, one-quarter of adults in employer
health care plans are underinsured. Overall, half of adults who spent any time uninsured or
underinsured reported problems paying medical bills.
" More than one-third of Latino adults, workers in small businesses (i.e., fewer than 20
employees), and adults with low incomes were either uninsured at the time of the survey or
spent some time uninsured in the past year, " according to the survey. " This was two or more
times higher than comparison groups. Young adults also reported high rates of being uninsured. "
Researchers noted that they did not find significant changes in coverage adequacy between
the months leading up to the pandemic and the months that followed.

UNINSURED RATES IN 2020
Percent of adults ages 19-64 who were uninsured.

40%

24%

17%

28%

14%

Latino

Black

White

19-34

50-64

34%

10%

<133%FPL 400%+FPL

38%

12%

<20

100+

95%

Percent of adults
ages 19-64 who
were underinsured.

30%

Portion of companies in the debt
collection market that are small
businesses, as estimated by the
CFPB. As of 2019, there were over
7,000 collection agencies in the U.S.

16%

<133%FPL 400%+FPL

Source: Federal Register, May 21,
2019/IBIS World Industry Report

Source: Commonwealth Fund Biennial Health Insurance Survey, 2020

ECONOMY

ECONOMY

GROCERY SPENDING
UP DURING THE
PANDEMIC

MOST CONSUMERS USED STIMULUS PAYMENTS TO PAY DOWN DEBT OR BOOST SAVINGS
The Coronavirus Aid, Relief, and Economic Security (CARES) Act sent households one-time stimulus
payments. According to a Nielsen survey of 12,000 U.S. consumers, 27% of that money was saved
and 31% of it was used to repay debts.
In a National Bureau of Economic
Research working paper, authors
analyzed roughly 12,000 online
survey responses from the July
Nielsen HomeScan Consumer
Panel, which asked how the
stimulus checks affected
consumer spending.

American consumers'
average weekly grocery
spending increased by 17%,
from $163 pre-pandemic
to $190 now, despite many
saying they are making fewer
trips to the grocery store.
Source: LendingTree

12

" The researchers discovered a
number of interesting patterns, "
wrote Laurent Belsie in an NBER
article. " Larger households leaned
toward spending most of the
money. Seniors tended to pay
down debt while younger and more
educated households were more
likely to save the payments. "

42% ALL SPENDING

RECIPIENTS' REPORTED
USE OF CARES ACT
STIMULUS PAYMENTS
6% HEALTH CARE
7% DURABLE GOODS

13% OTHER CONSUMER SPENDING
16% FOOD, HEALTH AND BEAUTY AIDS, AND HOUSEHOLD PRODUCTS

27% SAVINGS

31% DEBT PAYMENTS

Source: Researchers' calculations using data from the Nielsen Homescan Panel

ACAINTERNATIONAL.ORG


http://www.ACAINTERNATIONAL.ORG

Collector - January 2021

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