Increasing insurance coverage was the goal of the 2010 Affordable Care Act (ACA), partly motivated by a desire to improve medical financial risk protection. The latest estimates suggest that 8.0 percent (27.1 million people) remain uninsured, mostly in low and moderate-income households. Linking respondents between the 2015, 2017, and 2019 March Current Population Survey (CPS) and the corresponding June FDIC-sponsored Unbanked and Underbanked CPS Supplement, we examine the relationship with health insurance coverage and inclusion in the modern financial system and moderating effects of home internet access and health status.

We find insurance coverage correlates with financial inclusion. Low-income, uninsured adults are 11.5 percentage points (34.8%) more likely to live in an unbanked household and less likely to have a credit card or emergency savings than low-income, insured adults; they are 5.0 percentage points (9.9%) more reliant on non-bank financial service providers. Among moderate-income households, similar correlations exist between financial inclusion and health insurance coverage. The correlation between uninsurance and financial exclusion remains even when examining households by home internet access and health status. These relationships have implications for achieving universal health insurance coverage through enrolling in online portals or with increased cost-sharing.

Accepted Oral Presentation