Being insured doesn't mean you're covered

This isn't news to most people, though it is a very underreported issue.  A new Consumer Reports study finds that 16% of Americans, 40% of the population between ages 18 and 64, have "inadequate access to health care."  Remember, many of these people have insurance.  The report will be published in the magazine's September issue:

People falling into the “underinsured” category have two or more ofthe following complaints about their health plans: It does notadequately cover costs of prescription drugs; doctor visits; medicaltests; surgery or other medical procedures; catastrophic medicalconditions; or the deductible is too high.

In the survey, the median household income of respondents who were“underinsured” was $58,950, well above the U.S. median. Twenty-twopercent live in households making more than $100,000. Still, many ofthe “underinsured” don’t have the resources to keep up with the risingcosts of deductibles and co-pays, so much so that 43% reported thatthey postponed going to the doctor because they couldn’t afford it.

In other words, this is not just a problem for poor Americans.  Average middle class households are getting the wrong end of the bargain on health care, which significantly impacts their finances.

Keep in mind that the six largest insurance companies made $11 billion in 2006.