Blog

Study: Consumers don't understand insurance basics August 7, 2013 | By Dina Overland Read more: Study: Consumers don't understand insurance basics – FierceHealthPayer http://www.fiercehealthpayer.com/story/study-consumers-dont-understand-insurance-basics/2013-08-07#ixzz2bmcYVxFk Subscribe at FierceHealthPayer

Many health industry experts have warned that consumers don’t understand the health reform law’s provisions, and a new study says that’s because consumers don’t even understand how insurance works.

Carnegie Mellon University surveyed 202 adults, finding only 14 percent correctly understood four basic insurance concepts–deductibles, copays, co-insurance and out-of-pocket maximums, according to a study published in the Journal of Health Economics.

When asked to calculate how much a hospital stay would cost them based on a sample health plan, only 11 percent of survey respondents calculated the correct amount. “And people were off by a lot–thousands of dollars,” lead researcher George Loewenstein, economics and psychology professor at Carnegie Mellon, told NPR Shots.

It may seem like a daunting task to determine how to select a compatible new provider, and it can also seem overwhelming to think about how to move all of your data with confidence. Watch this webinar to gain valuable information designed to support you through this complex process. Register Today!

Comments are closed, but trackbacks and pingbacks are open.