According to the investigation Federal Deposit Insurance Corporation in 2012, a household of twelve in the United States, approximately 17 million adults, are not bankable. In addition, 51 million American adults have a fragile banking relationship, forcing them to rely on cashing store checks and money lenders, as opposed to credit or check cards and accounts saving.
The new law on health care requires most Americans to purchase health insurance from 1 January 2014, but it does not require health insurers to accept all forms of payment. For example, most health plans currently accept credit card for payment of the first month premium and then allow customers to pay monthly with a check or an electronic funds transfer from a checking account.
Medical Loss Ratios (MLR) together under the Affordable Care Act requires that health insurers spend a certain percentage of premium dollars on medical claims and improving care versus administrative costs and overhead. Therefore, some providers may not accept payment by credit or debit card. Instead, they will ask consumers to send monthly checks, which would not be a viable option for many Americans.
concerned experts estimate that some consumers may choose insurance coverage to avoid returned check fees and overdraft fees that can result from the use of a checking account.
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