NEW YORK, Nov. 3, 2021 /PRNewswire/ -- Open enrollment is
fast approaching and many Americans are looking to make some
changes to their health insurance policies. Although a large
portion cites the pandemic as the main factor, others are looking
at costs.
According to ValuePenguin's most recent survey, almost half of
Americans are expecting to see higher health insurance premiums in
2022.
Key findings:
- 45% of insured Americans are considering changes to their
health insurance during open enrollment, namely switching the plan
provider or type. Those with marketplace plans are most often
looking to make a change. The coronavirus pandemic is the main
reason consumers are changing their health insurance, followed by
changing health needs and dissatisfaction with their provider.
- As nearly half of Americans (46%) expect higher health
insurance premiums in 2022, some struggle to afford health care
costs. 4 in 10 insured Americans say their out-of-pocket
health care costs were too high in the last year, and nearly 1 in 5
say they can't afford their deductible.
- 45% of insured Americans believe those who aren't vaccinated
for COVID-19 should pay higher health insurance premiums than those
who are vaccinated. This sentiment is highest among baby
boomers (ages 56 to 75) at 53%.
- Premium costs are the most important factor Americans
consider when selecting a health insurance plan, at
24%. Services covered (20%) and deductibles (14%) are
other decision drivers.
- 24% of Americans have made a mistake during open enrollment
before. The most common errors shoppers committed were not
fully exploring their options (28%) and missing the deadline for
open enrollment (26%). About one-third of Gen Zers (ages 18 to 24)
and millennials (ages 25 to 40) made mistakes during open
enrollment.
View full report:
https://www.valuepenguin.com/consumers-changing-health-insurance-during-open-enrollment
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:
Nadia Gonzalez
Nadia@LendingTreeNews.com
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SOURCE ValuePenguin.com