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
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