Feds Say 'Unbanked' Can Buy Insurance With Prepaid Debit Cards
The Obama administration said Wednesday that it is moving ahead with a rule that would requiring health plans to accommodate households that don't have traditional bank accounts.
One in four of the uninsured people eligible for federal insurance subsidies doesn't have a bank account, according to a report released earlier this year by the tax preparation firm Jackson Hewitt. The report dubbed people without connections to traditional financial institutions the "unbanked."
An estimated 8.5 million people without health coverage would have difficulty getting tax credits to help them buy insurance on marketplaces that open Oct. 1, if health plans barred certain payment methods. Those include cashier's checks, money orders and prepaid debit cards that are popular with low-income households.
Shots - Health News
Latest Health Hurdle: Buying Insurance Without A Bank Account