Exchange Subsidies May Leave Out the "Unbanked," Especially Blacks, Latinos

While many uninsured, lower-income Americans will qualify for subsidies when purchasing health insurance on the exchanges starting in October, more than a quarter of them do not have a checking account, creating a significant barrier for 8.5 million people to make payments since many insurers will require automatic payment through a bank, according to a study conducted by Jackson Hewitt Tax Service.

The study, titled "Uninsured + Unbanked = Unenrolled," states the impact on so-called "unbanked" Americans will disproportionately impact African-Americans and Latinos, who are 40 percent more likely to not have a bank account than low-income, uninsured whites.

Prepaid debit cards used to pay for some Americans' benefits, including 5 million veterans, may also not be accepted by providers through the exchanges, according to the report.

More Articles on Health Insurance Exchanges:

Deep South Supports Medicaid Expansion, Not PPACA
How Big Data Can Help Healthcare Providers Manage Risk
New Mexico Asks Feds for Health Insurance Exchange Help

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