Survey shows consumers are confused about health insurance
LIMRA, an insurance trade organization, has released the results of a recent survey it conducted within the U.S. The survey tasked consumers throughout the country to take a 10-question quiz concerning health insurance. The results paint a troubling picture for health insurance awareness within the country and suggest that efforts to educate consumers of the matter have fallen well short of their intended goals. With the Affordable Care Act inching closer to being fully realized, the lack of awareness among consumers may prove detrimental to their own health care.
Majority of consumers fail insurance quiz
According to the survey, approximately 80% of respondents failed the health insurance quiz, answered five or fewer questions correctly. Only 10% of respondents were able to answer seven or more of the questions correctly. Notably, those without health insurance coverage performed poorly on the quiz, likely due to their inexperience with coverage. On average, these consumers only answered three or fewer of the quiz’s questions correctly. The quiz only contained true or false questions.
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Survey highlights confusion among consumers
The survey shows that only 15% of respondents were able to accurately identify what deductibles were, with 69% accurately identifying what a PPO (Preferred Provider Organization) was. LIMRA did include some hypothetical scenarios in the quiz concerning certain aspects of health insurance, such as co-payments and coinsurance. These scenarios proved difficult for respondents to answer, with only 25% being able to provide correct answers.
Education efforts may have fallen short of goals
The U.S. government has been working to educate consumers of the health insurance options they will have under the Affordable Care Act. Much of the government’s effort has centered on drawing attention to health insurance exchanges, which are meant to provide affordable coverage to consumers throughout the country. The survey suggests that the government’s efforts have not accomplished their goal and many consumers could be left without knowledge of the federal health care law and how it could benefit them.