“SPOT IS ULTIMATELY A BYPRODUCT OF MAKING INSURANCE MORE ACCESSIBLE, AND OFFERING SOMETHING USEFUL FOR YOUNG, ACTIVE PEOPLE.” – MARIA MILLER, FORMER NEW YORK LIFE INSURANCE EXECUTIVE
The services of Teton County Search and Rescue are free; injury insurance can protect you against the costs of treatment after you’ve been rescued. 44
JACKSON HOLE MAGAZINE WINTER 2021
BRADLY J. BONER
Most injury insurance policies can be used with or without a regular plan, but some are better than others, so research is important. If you have no insurance, policies like the ones Spot sells will reimburse you directly for injury-related bills up to the maximum of the policy. If you do have traditional insurance, you submit to Spot the bills (or portions of bills) that remain your responsibility under your health insurance, including bills that go toward meeting your deductible, co-pays, and anything else that is supposed to come out of your pocket. Instances that injury policies don’t cover? Getting sick. The idea of insurance that covers injuries but not illnesses came from Miller’s time at New York Life; she was tasked to find ways to increase distribution to younger people. She realized an insurance product paired with experiences could help draw attention to ways to protect oneself from medical debt. “Spot is ultimately a byproduct of making insurance more accessible, and offering something useful for young, active people,” she says. “Even with a plan, a deductible is really impactful, especially for young people living paycheck to paycheck. Injury insurance is an incredible product, but still, not many people know about it.” Spot is the newest and slickest accident insurance, with a well-executed business plan, substantial backing, and a high coverage limit, but other product options are out there, too. These offerings proactively allow healthcare consumers very smart, very legal choices to fill in the huge gaps left by traditional insurance. SINCE 2010’s AFFORDABLE Care Act (ACA), health policy changes have benefitted many Americans and increased their access to healthcare, but have also allowed insurers to shift more costs to the insured. This is notably detrimental in the individual market, where self-employed or contract laborers, such as entrepreneurs, artists, ski and raft guides, seasonal employees, and photographers buy their policies. The Bureau of Economic Analysis estimates that, as of 2018, 11,612 people in the Teton County workforce were fully or partially self-employed. So, before even counting the seasonal or service jobs with no benefits, at least one third of the Teton County population is responsible for their own insurance. According to the Wyoming Department of Workforce Services Research and Planning Division’s 2018 survey of benefits, in the southwestern region of Wyoming, which includes Teton County, only 50.6 percent of jobs include health benefits. While the ACA guarantees access, it doesn’t guarantee you’ll be able to afford insurance, or ensuing medical bills. According to a recent study by the American Journal of Public Health, medical debt is a primary driver in almost 67 percent of bankruptcy claims—over half a million annual bankruptcies in the U.S. Even with traditional coverage, many people find themselves underinsured and/or unable to overcome high out-of-pocket maximums in addition to potential lost income. The number of Americans with no insurance is rising again. According to the U.S. Census Bureau, in 2018—the most recent year for which data are available—the number of Americans without insurance approached 30 million. And
