Aetna Inc. has released the results of a new consumer survey as open enrollment for employer-offered insurance plans comes to a close. The results of the survey show that more than half of insured adults in the U.S. find the terms of their insurance policies confusing. This presents a major problem for both insurers and consumers as these adults general tend to accept any terms they are given as they believe that any insurance coverage, even if it is not appropriate to their needs, is better than no coverage at all.
According to Aetna, among the most misunderstood terms of an insurance plan is the total cost of the plan itself. This includes monthly premiums and the out-of-pocket deductibles that policyholders are responsible for. Consumers are also confused by the varying types of health care plans, such as PPOs and HMOs.
Ultimately, Aetna speculates that the real problem lies in the language used in underwriting. Insurers take great care to present information in a way that would be easily understood in terms of legality. Unfortunately, this means that consumers not well versed in legal terminologies and structures miss out on some of the meaning.
Aetna has redesigned its Plan for Your Health website to help consumers understand the meaning behind insurance terms and help them choose what benefits are best for them based upon their needs.