Latest News by Industry
Nearly half (45%) of insured gig workers reported paying $0 in premiums in 2022, but more than half (58%) of uninsured gig workers said affordability is the reason they decided not to get coverage
SAN FRANCISCO, Nov. 15, 2022 /PRNewswire/ -- Stride Health, the leader in portable benefits technology, today announced the release of new insights during the 2023 Open Enrollment period that demonstrate perceived affordability as the biggest barrier in getting independent and gig workers to enroll in healthcare coverage. The survey gathers information from more than 4,000 gig workers and digs into their perspective on healthcare, their finances and their outlook on work moving into 2023.
In August, through the Inflation Reduction Act, policymakers voted to extend COVID-19 subsidies for those who purchased plans through marketplaces for an additional three years (through 2025). Of the 14.5 million people enrolled in marketplace plans, 13 million are receiving subsidies of varying amounts to reduce what they pay in premiums.
"Last year's increase in Affordable Care Act premium tax credits, which were recently extended through 2025, have increased care access by driving down health insurance prices for millions of independent and gig workers," said Noah Lang, CEO and co-founder of Stride Health. "But there is a massive education gap around affordability among non-benefited worker populations where nearly six in ten uninsured workers think coverage is unaffordable and unattainable. However, with roughly half of those insured in that workforce paying $0 for that coverage, it's critical for every independent worker to evaluate their eligibility for tax credits, compare or change plans, and get covered for 2023 — and that's exactly what we built Stride to do for them."
What does all of this mean for the more than 50 million (and growing) independent and gig workers who don't typically obtain coverage through an employer sponsored plan? Here are some of the key takeaways from the survey:
Insured workers are saving more than ever, despite the perceived affordability problem
More than half of uninsured workers, on the other hand, cite affordability as the reason they don't have healthcare coverage.
In just two years, however, there's been a notable increase in workers planning to re-enroll or shopping for coverage in the upcoming enrollment period.
But there are new risks on the horizon: When the COVID-19 Public Health Emergency expires in January 2023, millions of gig workers may lose Medicaid coverage and need assistance shopping for ACA coverage.
While the ACA has helped to close socioeconomic determinants of health, workers who identify as Hispanic/Latino are currently uninsured at a rate 40% higher than Caucasian workers, while Asian/Pacific Islanders are 66% more likely to go uninsured next year.
The survey also digs into the financial outlook and satisfaction rates of workers, particularly independent and gig workers. A few key findings are:
Nearly nine in 10 gig workers report being "happy" with the work that they do.
Despite macroeconomic headwinds and inflation, gig workers are optimistic: 89% say that their earnings will either increase or stay the same in 2023 as they did in 2022.
That said, they still face critical financial challenges due the fundamental nature of their work arrangement.
For more insights from the survey, click here.
About Stride
Stride provides a comprehensive platform used by consumers, employers, health plans and brokers to streamline individual benefits recommendations and enrollment. Since launching in 2014, Stride has helped more than 3 million Americans save $3 billion on their benefits and taxes. Stride partners with the world's leading work platforms and employers of non-benefited workers including Uber, DoorDash, Instacart, Amazon, GrubHub, Etsy, Patreon, Rover, TaskRabbit and more so they can provide their workers with access to a full marketplace of health and wealth benefits. The company is backed by $96 million in capital from Venrock, New Enterprise Associates, Fidelity's F-Prime Capital Partners, Mastercard, Allstate and King River. For more information, visit https://www.stridehealth.com.
View original content to download multimedia: https://www.prnewswire.com/news-releases/affordability-education-gap-is-no-1-barrier-to-increasing-independent-and-gig-worker-health-coverage-rate-per-new-stride-health-survey-301677821.html
SOURCE Stride Health