Despite complexity, consumers zip through health plan decisions
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Consumers spend little time choosing health plans even though they are confused about their own health care spending and plan options, a new study found.
According to a survey released Monday by consumer health engagement technology provider HealthMine Inc., while 85% of respondents said they know the health services they need in the coming year, 36% find their health plan somewhat or very confusing.
Of that 36%, 58% of consumers are confused when determining what services are covered by their plan, and 46% are confused when figuring out the cost of their deductible, coinsurance or copayments, Dallas-based HealthMine said in a statement.
Despite the confusion, 59% of consumers spend less than 30 minutes selecting a health plan, and 32% spend 15 minutes or less, HealthMine said.
Though monthly premiums and out-of-pocket costs are the most important factors for consumers when selecting a health plan, according to HealthMine, 42% of consumers don't know what they spent on total monthly premiums last year.
Only 24% of consumers reported knowing what they spent last year in total out-of-pocket costs for prescription drugs, and 33% of consumers reported knowing what they spent in out-of-pocket costs for doctor visits and labs in the past year.
According to HealthMine, 66% of consumers do not plan to make any changes to their health plan this year.
“Consumers are treating an increasingly complex and costly purchase with inertia,” Bryce Williams, president and CEO of HealthMine, said in the statement. “With rising out-of-pocket costs, narrowing networks and growing prevalence of chronic disease, not doing your due diligence on health care coverage could be hazardous to your health and to your pocketbook.”
The survey of 502 consumers planning to enroll in a 2016 health plan was conducted in October, HealthMine said.
