Oct 13, 2020
Thirty-two percent of consumers don’t know how much their health insurance deductibles are and 25% don’t know what their co-pays are, according to a survey from the National Association of Insurance Commissioners (NAIC). The knowledge gap is even wider among younger consumers: 45% of those 18 to 29 don’t know their deductibles and 39% don’t know their co-pays. Fifty-one percent of 18 to 29 year-olds can’t define a deductible and 48% can’t define a copay. Younger employees are more likely to mention preventive care as a top consideration and less likely to mention the choice of network providers. They are also less likely to say they are the sole decision-maker in choosing a plan.
NAIC also asked consumers of different age groups what’s important when choosing a health insurance policy:
18 to 29
- 59% Preventive care
- 59% Copays
- 55% Deductibles
- 50% Premiums
- 35% Choice of network providers
30 to 44
- 69% Copays
- 68% Deductibles
- 66% Premiums
- 57% Preventive care
- 53% Choice of network providers
45 to 60
- 70% Premiums
- 67% Deductibles
- 67% Copays
- 59% Preventive care
- 55% Choice of network providers
60+
- 69% Premiums
- 67% Deductibles
- 67% Copays
- 61% Choice of network providers
- 59% Preventive care
What is your role in choosing your health insurance policy?
- 60+ 63% sole decision-maker
- 45 to 60 58% sole decision-maker
- 30 to 44 63% sole decision-maker
- 18 to 29 46% sole decision-maker (20% say they are not involved in choosing their insurance policy)
