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Most Americans ‘completely lost’ when it comes to health insurance

Life Stage Insights

Life Stage Insights

Most Americans ‘completely lost’ when it comes to health insurance

Understanding your health coverage at every stage of life is a critical part of your financial strategy

More than half (56%) of Americans admitted to feeling “completely lost when it comes to understanding health insurance,” according to a new survey by OnePoll.¹


Collectively, respondents to the survey received a D- grade in their understanding of health insurance, answering only answer 10 of the 15 health insurance questions correctly. Just one in five could identify all the correct qualified life events, meaning the special circumstances that would allow someone to enroll in a new health care plan outside of the open enrollment period.


Six in 10 mistakenly think that it is not possible to have more than one health insurance plan. Another 65 percent believe that a health savings account (HSA) and flexible spending account (FSA) are the same thing.


All this confusion can be costly both to finances and health. On average, respondents with current health care coverage estimated that they waste $111 per month on confusion over their health insurance plan. Fifty-nine percent have put off making medical appointments and 53 percent have put off filling a prescription out of uncertainty about their plan. Out of all respondents, regardless of health care coverage, over a third (35%) have delayed getting a necessary check-up out of concern for how much it would cost.


When it comes to understanding health coverage, things don't seem to get better in retirement. 7 out of 10 Medicare beneficiaries say Medicare insurance is confusing and difficult to understand.² 



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Disclosures

This publication is designed to provide general information and is for discussion purposes only. The effectiveness of any strategy is dependent upon each individual’s facts and circumstances. This article does not provide legal, tax or account advice. Because of the possibility of human or mechanical error, the accuracy, adequacy, completeness or availability of any information is not guaranteed.

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