The health insurance industry is changing constantly. As a result, keeping up with consumer perceptions is a top priority for our healthcare, health tech, and pharma clients. Here are four of the most surprising findings we’ve come across in our research:
#1. Consumers think they know a lot more about health insurance than they actually do.
The Journal of Health Economics found that 100 percent of health insurance consumers reported understanding the concept of a copay, yet just 72 percent could correctly answer questions about insurance copays. This was true in almost every health insurance factor tested including deductibles and out-of-pocket payments.
#2. Consumers are getting healthcare information from the sources they trust the least.
Looking at the Affordable Care Act (ACA) as an example, a majority of consumers trust the information they receive from medical professionals, state agencies, and their pharmacists Yet, it turns out that consumers are actually getting information from the sources they trust the least: while only eight percent of people reported trusting the news media for information, more than 80 percent of people actually got their information that way.
#3. Consumers are skeptical of insurance providers in general, but largely satisfied with their own plans.
While health insurance companies are viewed primarily unfavorably, people are generally pleased with their own health insurance plans. Considering consumers’ overconfidence in their understanding of health insurance concepts, it’s possible this favorability could change if consumers become better informed.
#4. Consumers want increasingly comprehensive health insurance at lower costs.
As comparison shopping is becoming ever easier, consumers expect a diverse selection of options and benefits, while maintaining cost savings from their health insurance provider. The ability to see a variety of doctors for a variety of services at low costs is an important consumer value concept that’s increasingly more popular than the notion of health insurance differentiation based primarily on cost alone.
For even more information on what we’ve found, fill out the form below to download Hanover Research’s Health Insurance Industry Snapshot.
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