Research finds consumers do not comprehend the basics of the healthcare system.
There’s no denying it, our healthcare system can appear confusing. Especially with recent changes, new laws up in the air, and during an uncertain presidential time, it can appear incredibly daunting to purchase health insurance as a consumer. In fact, an online survey of healthcare consumers, Accenture, found that 52 percent are “healthcare illiterate.” In short, this means that they don’t understand terms like “premium,” “deductible,” and “copayment.” They also don’t understand what it means to be in- or out-of-network or what a prior authorization is.
Contrary to what you may think of this group of people, the research found that those with low healthcare literacy are not uneducated. Almost all of them had at least a high school diploma, and 48 percent of them have a college or graduate degree. The issue is not with the intelligence of the consumers, it is with the terminology and lack of clarity coming from the healthcare system.
The report noted those numbers only reflect administrative costs. The impact would be higher if the analysis included medical costs—especially since 26 percent of respondents had both low levels of healthcare literacy and complex health needs. The report found that they would struggle to make informed decisions that would eventually impact their ability to get the medical care they need.
This is why it pays to work with an insurer who can adequately assess your needs and find reliable coverage, all the while telling you what coverage you’re getting. The highly-trained professionals at Donald Weiss Insurance Services are ready to help you understand the current healthcare system! Contact us today to get started.
