NEW YORK, Nov. 9, 2020
/PRNewswire/ -- A new ValuePenguin.com survey has exposed the
uncertainty that many feel about health insurance — 1 in 2
Americans do not know the answers to basic health insurance
questions. More worryingly, 72% of Americans expressed confusion
and uncertainty around purchasing health insurance, and their
coverage. This confusion can lead to serious financial consequences
for policyholders — and impede public health improvements:
- 1 in 2 consumers struggle to understand key health insurance
concepts. 55% don't know what a health insurance premium is,
54% are confused about deductibles and 48% don't know what a copay
is. 45% falsely believe they can switch health insurance coverage
plans at any time.
- 72% of Americans say purchasing or using health insurance is
confusing. Among this group, 55% indicated they weren't sure
what kind of health insurance plan and coverage to choose and 39%
said they have questions about using their health insurance.
- 37% of Americans expressed anxiety over affording health
insurance, fears that stem from confusion over the specifics of
health insurance. Nearly six in 10 Americans demonstrated that
they didn't know what the term meant — even if they thought they
did, and one in 10 said they had no idea what their out-of-pocket
maximum was.
- 57% of insured consumers have avoided seeking medical
care because they're not sure whether it would be covered
by their health insurance. More than a third of respondents aren't
sure if their insurance would cover the cost of a COVID-19 test.
And young people were more likely to have avoided medical care due
to uncertainty, with 69% of millennials and 64% of Generation Zers
admitting they've opted not to seek care.
According to Andrew Hurst, a
Research Analyst at ValuePenguin.com, "Americans need to rethink
what they believe they know about health insurance, and address the
gaps in their knowledge as a matter of urgency." He adds, "Not
knowing enough about health insurance is preventing many Americans
from budgeting effectively, and getting the treatment they need.
This becomes a matter of significant concern when seen in the
context of the ongoing COVID-19 pandemic, and the economic
uncertainty that many families are facing right now."
ValuePenguin.com commissioned Qualtrics to conduct an online
survey of 1,138 Americans, with the sample base proportioned to
represent the overall population. The survey was fielded in
October 2020. To view the full
report,
https://www.valuepenguin.com/health-insurance-literacy
About ValuePenguin.com: ValuePenguin.com, part of
LendingTree (NASDAQ: TREE), is a personal finance website that
conducts in-depth research and provides objective analysis to help
guide consumers to the best financial decisions. ValuePenguin
focuses on value, assessing whether the return of a particular
decision is worth the cost or risk of that option, and how this
stacks up with the other possible choices they may have. For more
information, please visit www.valuepenguin.com, like our Facebook
page or follow us on Twitter @ValuePenguin.
Media Contact:
Divya Sangam (Ms.)
646 693 8445
Divya@lendingtreenews.com
View original content to download
multimedia:http://www.prnewswire.com/news-releases/half-of-americans-cant-answer-basic-health-insurance-questions-valuepenguincom-finds-301168869.html
SOURCE ValuePenguin.com