Many Expect Health Coverage Will Come from Government

February 22, 2013 ( Nearly half of U.S. consumers polled believe the majority of Americans will have government-provided health insurance within the next three to five years.

In addition, a new LIMRA survey found, despite reports of many employers saying they plan to continue to provide health care insurance, four in 10 consumers believe the majority of employers will cease to offer health insurance coverage and pay the penalty instead. One-third of consumers responded that they “don’t know” or didn’t share an opinion, which may indicate a lack of knowledge on health care reform.  

According to the survey results, consumers embraced the idea of buying financial products through the new exchanges mandated by the health care reform law. Forty-five percent of consumers would be interested in life insurance, and 50% would be interested in disability insurance.  

Sixty-seven percent would be interested in dental plans, and 56% would be interested in critical illness products. Approximately 30% would be interested in individual retirement accounts (IRAs) and annuities.  

Based on these results, exchanges may offer the industry a new way to reach Americans and help them protect their financial security, LIMRA said.