Tuesday, November 15, 2016

96% Overestimate Their Understanding of Health Insurance

PolicyGenius recently released results from a survey on American adults' understanding of four key health insurance concepts: deductible, co-insurance, co-pay, and out-of-pocket maximum. Here are some key findings from the report:

96% of Americans overestimate their understanding of health insurance.
On average, 36% of Millenials could correctly define any terms.
4% of Americans could correctly define all 4 concepts.
2 in 5 are very confident they can choose the right health insurance plan.
NYC has the largest gap between confidence (72%) and comprehension (42%).
47% of Baby Boomers could define any of the concepts correctly.

Source: PolicyGenius, November 1, 2016

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