Satisfaction is falling among consumers with health insurance coverage in the US
Consumer satisfaction in health insurance in the U.S. has gone down, according to a new report from the American Customer Satisfaction Index. Many of the country’s leading health insurance providers scored a 69 out of 100 in terms of consumer satisfaction. There are many reasons why consumers may be unsatisfied with their insurance providers, but the Affordable Care Act may not be something that has affected satisfaction among consumers in a significant way.
The Affordable Care Act may not be responsible for the drop in satisfaction among consumers
Notably, the report shows that the Affordable Care Act has brought millions of people into the health insurance market. With more consumers coming into the market, a rise in dissatisfaction may not be uncommon, but the report shows that those with individual policies, many of whom found coverage through insurance exchanges associated with the Affordable Care Act, are more satisfied with their providers. Those with group policies, however, are relatively unsatisfied with their providers.
High premiums and deductibles leave many consumers upset with their insurance providers
One of the reasons consumer satisfaction is on the decline is that insurers are raising premiums at an unusually fast rate. These insurers have been facing higher costs due to the growing number of people entering into the market. With more consumers using their insurance coverage, insurers are being faced with higher claims payments. In order to recover from losses, insurers have been raising premiums on the coverage that they provide. Another issue leading to dissatisfaction is high deductibles. High deductible plans have lower premiums, but many consumers are beginning to avoid seeking medical care because they cannot financially handle deductibles.
Complexity of insurance leaves many consumers confused
The complex nature of health insurance coverage leaves many consumers with a lot of questions. Because they sometimes have trouble finding answers to these questions, consumers quickly become disillusioned with the health insurance sector. Insurers may need to work on communicating with consumers more effectively in order to improve satisfaction.